Posted on: 03rd Jun, 2011 07:56 pm
ny lake house tax assessed at $450k, paid pro appraisal at $450k..credit shot, working deal with bros to buy at 300k (estate sale, poor market) after my share, i can downpay 150k..so need to finance 150k ..(i will have cushion of extra $60-75K for upcoming expenses and relocation, don't wish to apply toward downpay). relocation to new state, starting over with new job, plan to rent lakehome partime, anticipate $25-40k yrly revs...taxes $10k..again lousy credit, starting over..but with adequate resources and immediate "paper" gain. advice and help appreciated!!
Hi efrky,
No doc mortgages are hardly available these days. Most of the lenders will ask you to submit the required documents or else they may not be ready to give you a mortgage.
Thanks
No doc mortgages are hardly available these days. Most of the lenders will ask you to submit the required documents or else they may not be ready to give you a mortgage.
Thanks
thx...any other suggestions to investigate..
"Hardly available" is a misnomer - they simply don't exist.
The only alternatives to standard processing is a limited number of "stated income" loans in a few areas of the country; otherwise, it's full-doc virtually everywhere.
Then again, there's hard-money lenders out there that'll take extra risks while charging you extra interest for that luxury.
The only alternatives to standard processing is a limited number of "stated income" loans in a few areas of the country; otherwise, it's full-doc virtually everywhere.
Then again, there's hard-money lenders out there that'll take extra risks while charging you extra interest for that luxury.
