topic Re: USAA rules (Once again!!) in Mortgage Loans

USAA rules (Once again!!)

ujocka — Tue, 09 Oct 2007 17:32:21 GMT

My wife and I were just approved for 100% financing (80/20 fixed P&I) on our new home under contract for $464K.....with no docs!!!!!! This was not a pre-approval, this was the application approval. They used our credit history (her mid 665, my mid 698) and my great standing with them to make the underwriting decision. I didnt have to submit anything, no W-2's, no income statements, not even a rental income contract for my rental property! They are the bomb!!

Message Edited by ujocka on 10-09-2007 01:32 PM

Re: USAA rules (Once again!!)

ShanetheMortgageMan — Wed, 10 Oct 2007 07:50:38 GMT

That is good stuff! Not many lenders are doing no doc 100% loans.

Re: USAA rules (Once again!!)

ujocka — Wed, 10 Oct 2007 08:08:30 GMT

With the scores we have I am still quite surprised that it went through no docs. We were fully prepared to disclose everything. We locked in @ 6.75% (80) and 8.75% (20).