do you still have no doc loan or stated income loan

hi kimbui

you have mentioned that your current rate is 8.5% adjustable. as far as i can understand, you want to refinance the mortgage at a lower rate. well, i think no doc loans or stated income loans are still available. you can speak to your current lender and check out the terms and conditions he is offering you. if you do not find them affordable, you can also check out the options available with other lenders.



thanks

There is no stated no docs loans anymore
You need to see if you qualify normally

We can do them only in NJ and CT and nine counties in NY. I do not know what state the property is in.

to eugene...amazingly enough, john (whose post follows yours) is a broker who has access to no-doc loans. i've seen evidence of them, in fact. our office had a potential client who ended up elsewhere, but i know that they exist still.

i know it's hard to believe, but there seems like there's always an investor or two out there willing to do the oddball deal.

i have 6 properties and 4 mortgages. 5 of my properties are rental units and make a profit. i have 800 plus credit , problem is i`ve been told is the government will only allow 4 mortgages. i really would like a 5th on the one i own outright so i can pay down on my credit card

To pay off the credit card debts, it will be better if you can go for a debt consolidation or a debt settlement. I don't think taking a loan for paying off credit cards will be a good option for you.

The original post asked if there were no doc OR stated income. No reference to a combination of both. So, yes you can easily find a stated income loan for a loan amount of $405k and an LTV of around 50%. However what may be an issue is if this is an investment property.

Right now, stated income loans can be found in many states including New Jersey, New York, Connecticut and California.

One more thing...your credit score will also have to be excellent

Where is the property located maybe I can help. Please goto myezloanquote.com and fill out an online application. I'll tell you right away if I can help you or not.

Best regards,

Joe

joe, please stop the blatant advertising!

Stated income loans and mortgages are still available in NJ, NY and CT. Excellent rates given the reduced documentation. No income verification or no income documentation are available.

The problem is there are huge numbers of people in California who need a stated income loan. Unfortunately, there is only one lender left (that I know of) and I am working with them.

Any lenders in Florida that will do a no doc loan with 50% down, credit score in the high 700;s

we've not heard of anybody in florida that's in that business anymore.

davide: try first national bank of america out of lansing michigan, and florida home trust

thanks, bree - good information for florida...i just looked up the fht site, and see that they'll do "reduced documentation" loans, which includes stated products. we hadn't heard of that being available in florida, or most everywhere else, for that matter.

first national bank doesn't mention doing stated income loans on its website, but i suppose it's still a possibility, right?