No doc/Low doc loans

[Anonymous]

If somebody can show pay check stubs but not there tax returns due to having too many deductions what one is better no doc or low doc?

What are the minimum scores needed for either and what type of down payment is needed? 

Message Edited by KV-Boo on 05-20-2008 10:11 AM

[ShanetheMortgageMan]

Depends on your employment status - what do you do?  Are you 1099'd or W-2'd?

[Anonymous]

He's a regional sales manager been in the same field of work for 10 years. The company he is with now offers no benefits so he chose to be 1099 instead of w2.

Message Edited by KV-Boo on 05-20-2008 10:15 AM

Message Edited by KV-Boo on 05-20-2008 10:33 AM

[ShanetheMortgageMan]

1099'd requires tax returns to qualify, paycheck stubs won't work... so with the tax returns they'll want to see adjusted gross income after expenses.  How long has he been 1099'd for?  Was he W-2'd at the same company and is now 1099'd or has he been 1099'd for awhile?  New company now or still with the same company?

[Anonymous]

He's been with this company for 1 year. The following year 06's return his primary job was w2 which he left for his current job and he had 2 parttime jobs which were 1099's.

[ShanetheMortgageMan]

It'd be up to underwriting to determine if 1 year being 1099'd is acceptable.. since it's the same line of work it'll most likely be OK though.  In addition to the 2007 tax returns might need to provide a YTD profit/loss statement though.