Are no doc refinance loans avalable in Westchester New York?

sabt · Joined: 12 Jan 2009 Posts: 1 1.36 Dollars($)

Are no doc refinance loans avalable in Westchester New York?

jameshogg · Posted: Tue Jan 13, 2009 1:19 am Post subject:

Hi sabt,

Keeping the market situation in mind, I don't think it will be easier for you to get no doc refinance loans. But still I would suggest you to speak to your current lender. You may also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you to know whether you will be getting such a refinance or not. You can also come to know about the rates and terms available in the market.

Thanks

Guest

Not sure what you mean by the No Doc terminology. To mortgage professionals, that means you do not verify you have a job, do not verify you have income and do not verify you have assets. Those mortgages are not availbale anymore.
Stated income for self employed is available to 75% of value on owner occupied one to four family property for refinances (same as 25% down for purchases). State income and verify assets.
No Ratio (verify employment but do not write income on the application) is available for owner occupied one to four family up to 65% of value for anyone(35% down for purchases). Mortgage is approved based on significant credit history and significant verified liquid assets.

Guest

I'll need to take a bit more information so please visit our site and fill out an online application form.

gmakerley · Posted: Fri Mar 06, 2009 12:12 pm Post subject:

joe, please don't advertise on here. read the guidelines and live up to the requirements and standards of this community. please, again.

there are no-doc programs that still exist by the way, sabt.

sam1 · Posted: Sun Jul 12, 2009 12:41 pm Post subject:

Surprisingly there are lenders and individual investors who are still actively seeking to originate no income and no asset verification deals. In these cases, the lender/investor is taking additional risk on the deal. The additional risk is represented in the LTV as well as the rate.

In my personal experience I have seen NINA (no income and no asset) deals go through for purchase, rate/term refi and cash-out refi for 50-65% LTV with rates that are a bit higher than full doc deals.

We have done deals with lenders who are still doing NINA deals, though we are noticing the main source for these types of deals are slowly phasing out this program.

Let us know if you need additional information or guidance on this topic, as I personally have a lot of experience in these types of deals.

eric1 · Posted: Sun Jul 12, 2009 5:35 pm Post subject:

sabt

You CAN get a no income, no asset loan in Westchester with 30% down. I am unaware of a true no-doc where you also do not have to verify employment.

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