NO DOC LOAN

[StartingOver10]

The highest bank portfolio loan I've seen recently is a 90% LTV (10%) by Trustco on a primary only.

Most portfolio loans have a larger down payment requirement, 25% down is common for a portfolio loan.

For true no income verification type loans, private investors are looking for 65% max LTV and they actually prefer investors rather than primary resident type loans.

Call Trustco, they are your best bet.

[MovingForward_2012]

You're gonna need at least 3.5% down on that 400K home you want so you are looking at $14,000 down. If you can find a program like we did where you are able to roll some of the downpayment and closing costs into a 2nd mortgage, you might be able to do it but your salary is insufficient for $400K AND you have to meet the credit requirements.

[StartingOver10]

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@MovingForward_2012 wrote:
You're gonna need at least 3.5% down on that 400K home you want so you are looking at $14,000 down. If you can find a program like we did where you are able to roll some of the downpayment and closing costs into a 2nd mortgage, you might be able to do it but your salary is insufficient for $400K AND you have to meet the credit requirements.

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That 3.5% down payment is only available with a FULL DOC (all documentation) loan.

3.5% is what FHA requires and the guidelines require the borrower to submit bank statements, tax returns, W-2's or 1099's, P&L's for self-employed, etc. It is the opposite of a NO DOC loan.

[MovingForward_2012]

Okay. So this is a back door option...sounds like nothing but trouble given OP finances. But some folks like to find out the hard way.

[tooleman694]

I wouldnt call it a back door option. Its a tool for the self employed to get a mortgage and keep their deductions.

[creditwatcher2012]

right so right now, Im paying my credit cards down they will all be paid off my mid feb... So who should I call about applying for a no-doc loan?

[Anonymous]

I don't think you will find a no doc loan with much less than 50% of the total purchase price as a down payment.  It just does not happen anymore unfortunately.

[creditwatcher2012]

really? so you dont think I could get away with 20-25% down?

would td bank or BOA or Chase do it?

if not do you know any banks who would?

thx

[tooleman694]

You gotta find banks that do them. But im telling you, you need amazing credit and you need cash.

[JM-AM]

If you find a private investor it would make it easier. But even some of the private ones I have dealt with in the past have raised their requirements.

YMMV but you need to do your homework and a lot of research.