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Welcome
to Carteret Mortgage!
Your source for consumer information
Option Arms
Construction/Perm
Interest Only
Mortgage
Commercial Loans
Real Estate
Investor
Refinance
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No Doc Loan
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No Doc loan requires no employment, income, or
assets to be stated on your loan application. We do not verify any information
beyond your credit profile and the value of the property. Our No Doc Loan lenders allow as
little as a 5% down payment depending on your credit profile. This is the loan of choice if your
employment is
difficult to verify or if you do not want the "hassle" of
traditional loan documentation. Your good credit, a decent property and we are
done. Email
no doc loan
questions. I
also offer no doc
business equipment leasing to business owners. Another option
is to add employment.
This is frequently described as a "NINA" (No Income No
Asset" loan. We verify your employment, but no income or assets are on the
loan application. If you are self employed, the business must be verified with a
business license, or similar documentation.
If you are employed by a company, we will verify your employment but nothing
else. This small bit of documentation will generally save you .125% on the
interest rate.
Another option would be to verify your assets but not income or
employment. Using this approach will require verifiable, relatively liquid
assets of not less than 6 months of your PITI. Again, this bit of documentation
will usually save you .125 on the rate. If your situation will allow you to
verify both assets and employment, you are better served with the Stated
Income Mortgage Loan program. If there is an issue with your debt to
income ratio, you may consider a No
Ratio loan.
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Available No Doc Loan Terms
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No Doc Loan products are available as:
Interest only No Doc Loan products are available.
15 or 30 year fixed rate
1, 3, or 5 year adjustable rate loan
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No Doc Loan Underwriting Guidelines
- Minimum middle credit score is 660 for the best rates but some lenders now
will allow a 620 score with higher rates.
- 5 credit accounts are required. Housing history must have no late payments within 24
months
- Bankruptcy and foreclosures must be discharged for 3 years with
reestablished credit. Judgments must be paid before closing.
- Two months PITI (Principal, Interest, Taxes, and Insurance) reserves are
required with an LTV <=80%. 6 months reserves are required otherwise if we
are verifying assets, otherwise, none are required.
- 5% minimum down payment is required from your own funds. 20%
for investment properties
- 10 acres or less
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Learn more about no doc
loan closing costs.
These programs allow you to purchase
or refinance a
single family, townhouse or condo. An investment property
no doc loan can be a single
family, 1-2 unit, townhouse or condo. Vacation homes
no doc loan
also can be a single family, townhouse, or condo. I have a page on calculating your qualification ratios. I have a page on traditional documentation
requirements.
In 2008, Short Sales are where most of the action in real estate is. Learn
more about Short Sales
As a Certified Mortgage
Planning Specialist, I offer an analysis of
your situation today can make suggestions on how small changes in how
your consumer and mortgage debt is structured today can have a life changing effect in the years
to come. Read more
about this free, no obligation service.
New! View
my
Wealthbuilder presentation and learn the safe way to manage your debt
and fund your retirement.
I hope the information on this page was useful to you. Please scroll down
to view my
Mortgage Market Guide. It is a weekly publication explaining the financial markets
from a consumer's perspective that is available on this website or by
email subscription. I have nearly 8,000 subscribers today and would be happy to have you as
well. Your email address will never be used
for any other purpose.
Prequalify for your No Doc
Loan.
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