I need a little assistance with no docs/stated income home loans.
My father and I have been in the routine of removing pre-approved for a home loan. I was reserved a loan military military military military officer which asked for all documents, W-2, compensate stub, bank statements, 401K. I supposing him with all documents. He told me he will be regulating a settled loan since the actuality the my father pays kid await will unfit us. My father credit is in the top 700′s close to 800 for the top and cave low 700 lowest 706.
Now here come the subject is this loan military military military military officer perplexing to take value of us? If we supposing explanation of income do not we should be you do a full loan documentation? Oh and he is regulating my credit measure clamp my father and he settled the reason kid await again, we were authorized already for a debt but the loan military military military military officer was not honest and we corroborated out of the understanding and kid supports was never an issue.
I live in the San Diego, CA area.
Can I have this loan military military military military officer make use of my father measure and full loan doc?
Thx
Related posts:
- WILL I QUALIFY FOR A HOME LOAN FOR 35K WITH A STATED INCOME LOAN AND CREDIT SCORE OF 580 IN WISCONSIN?
- ARE THERE FIRST TIME HOME BUYER PROGRAMS FOR BUYERS THAT HAVE TO DO STATED INCOME?
- IRS TAX DISCLOSURE FORM FOR STATED INCOME NO DOC LOAN?
- WE NEED A HOME LOAN WITH A MID CREDIT SCORE OF 626 AND A STATED INCOME LOAN IN DALLAS, TEXAS. ANY POSSIBILITY?
- CAN I A SELF EMPLOYED FIRST TIME HOME BUYER GET A LOAN WITH “STATED INCOME”?
{ 5 comments… read them below or add one }
You can’t make him do anything, he is only doing his job. find another source to get your loan and ask up front on all relevant info regarding getting the loan. Doc/no docs, stated income, interest rate, points if any, appraisal fee, pre payment penalty. have him put everything in writing so you know exactly what you will be getting.
Without knowing the full scenario although you described it very well I would state that it may be easier for both of you to go no doc because you dont have to verify the history of your financials. No doc loans are for the very elite FICO score persons who can qualify. Yet, be careful that you are not getting hit with rate charges because you are going No Doc. Some pro’s to going No Doc are Quicker Funding Times and Closing Times over the traditional full doc. Child Support is such a stickler to banks and lenders that it can mess up the process of closing a loan. Make sure you can sit down with the loan officer or have the LO answer all your questions in regards to why it benifits you to go No Doc over Full Doc. If he/she cannot explain to you in a way that you can understand than get yourself another LO. Good luck.
It depends on how much he makes. However, a credit score that great should not be used with Stated Income. But, if he does not make that much money, or has a high amount of liabilities (child support) that could, and will, affect your loan.
why make a big deal out of this loan package. get the loan approved and close so the seller won’t sue you for non performance of contract. if you don’t qualify for the loan with the child support then you don’t get loan approval. if the lender uses his credit score then that means they must submit to the underwriter his credit report and then the c.s. issue will pop up and again you’ll not be approved. stated income loans are well known.
There are a lot of possibilities but because of the lack of info on the scenario I can’t say for sure. We need to know a little more info. What is the value of the home? What loan amount do you need? Email me to compare.