Different Loan Types = Everyone Qualifies!!
| | Tuesday, November 01, 2005 @ 09:11 AM EST
|  Printer Friendly Page
 Send this Story to a Friend |
Contributed by: Jennifer Dintelmann
Jennifer Dintelmann Properties
Read more archived articles about Credit and Finance
If you know the different loan types, you can qualify on any property that is actually a good deal. Let's start with the different types available & what each requires.
Full doc - full 2 years residence history, mortgage history, employment history (including tax returns &/or W2's), 2 recent paystubs or current year profit & loss, 2 consecutive bank statements, usually proof of 6 months piti (principal, interest, taxes, & insurance) in liquid reserves, leases on all properties, and anything else special to your particular deal.
Stated income, stated assets - full 2 years residence history, mortgage history. Usually a letter from your cpa or verbal verification of employment.
No doc - Mortgage & residence history.
The "no doc", if you qualify, may cost a little more in rate, but the odds of it closing are so much higher.
The reason? Since you have fewer documents turned in, there are fewer things to go wrong. Such as, if you went in tomorrow and found out you are being laid off - no problem! You don't have a full 6 months piti reserves - no problem! Since you don't provide leases, there is no chance of them being written "wrong" from the lender's perspective.
Other options? Home equity line of credit on your personal residence, hard money loan, or my personal favorite - private money.
Note: By Jennifer Dintelmann
Jennifer has writen a course on acquiring Private Money for Real Estate.
http://www.cash-for-deals.com
Word Cloud:
(principal, with />
stated much different recent statements, such qualify credit requires. />
no leases paystubs mortgage profit fewer there everyone reason? perspective. w2's), line types taxes, verbal />
the liquid verification provide cost available things assets rate, each reserves, chance start good else private money usually properties, piti went money. history. turned loss, tomorrow deal. property proof residence, qualifies!! wrong. residence equity home favorite being leases, since them actually qualify, year bank more personal odds loan returns history, know higher. stated what (including interest, />
other "wrong" types, lender's />
full employment loan, reserves &/or found hard let's particular consecutive documents income, options? years anything history problem! closing written months letter don't little full current have special doc", insurance) laid employment.
|
|
| |
|
