Best place to get a No Doc mortgage loan?

[novon]

Self employed and looking to buy my first house (I know bad timing). I went to bankrate.com and found the lowest rate, places like netbank.com. Does anyone have experiences with the low cost mortgage brokers?

Does the company reputation really matter?

Also... the rates were full doc, where do u guys recommend I look for a stated income no doc loan?

Thanks

 

[Vette73]

Does the company reputation really matter?

I say no. The only 2 things that matter are the rates and what it says on the paper (contract/mortgage).
Most places are going to sell your mortgage as soon as they are done with you.

 

[Whoozyerdaddy]

Sigh...

Or try the yellow pages. Check under "Mortgage".

Can't you prove cash flow? With bank statements and P&L paperwork you can usually get a full doc loan and save yourself the extra interest.

 

[novon]

Thanks, what's P&L?

 

[tw1164]

Originally posted by: novon
Thanks, what's P&L?

profit-and-loss statements

 

[brtspears2]

I had to go find a local broker to do my stated income, no-doc loan. The rate I got with excellent credit is 1% above the national average. You might have missed the boat, the "easy" money times are gone.

 

[Vic]

Hi!

 

[Vic]

Originally posted by: Whoozyerdaddy
Can't you prove cash flow? With bank statements and P&L paperwork you can usually get a full doc loan and save yourself the extra interest.

Only with more expensive Alt-A or non-prime programs, not with the lowest cost Fannie/Freddie-conforming or any government (FHA/VA) program. In those cases, the bank statements would prove cash flow when you're unable to verify income. The conforming and government programs all require tax returns in order to verify income for the self-employed (for obvious reasons if you think about).

 

[Xstatic1]

sent u PM

 

[ponyo]

What's the normal % down payment required for no doc mortgage? 30%?

 

[Vic]

Originally posted by: Naustica
What's the normal % down payment required for no doc mortgage? 30%?

It varies based on credit score, history, property type, occupancy, and other factors. Pricing also varies a bit more based on LTV (i.e. how much you put down) than with full doc. It is possible to get a no doc loan with no down, but that does cost more.