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No Ratio Mortgage                is currently unavailable

A No Ratio Mortgage is a useful option if you are carrying more debt than a traditional mortgage will allow. In traditional mortgage banking your debt to income ratio is one of the key factors in determining loan approval. With a No Ratio Mortgage, no income information is included with the application so no ratio calculations are made. I use the program when a client's current income is low relative to their debt or when the client has income which is impossible to verify. As all other information on the mortgage application is verified, the No Ratio Mortgage is a "middle ground" product between a Stated Income and true No Doc mortgage but may be a good choice for you. Interest only No Ratio Mortgage products are available. Email no ratio mortgage questions. I also offer no ratio business equipment leasing to business owners.

Available No Ratio Mortgage Terms

No Ratio Mortgage products are available as:

15 or 30 year fixed rate require only 10% equity and the rate will not change.

Home Equity and Second Trust programs are available.

Allowable Use and Property Types

No Ratio Mortgage products are available for Single Family, Townhouse, some manufactured housing, and low rise condos. Some programs allow high rise condos 2-4 unit buildings, second homes, or investment properties but are slightly more expensive or require more equity. Allowable uses are for purchase or rate and term refinance. The programs will allow a "cash out" refinance but there are limitations on the allowable cash back. Please contact me with the specifics of your situation for guidance. If you are unsure a No Ratio Mortgage is the right answer for you, I have included a page on traditional mortgage ratio documentation requirements which may be useful.

The fundamental thing to keep in mind with true NO Doc Mortgages is that the lender only has your credit profile and property to evaluate. If your situation allows verification of either employment or assets you will save some money because you have lowered the lenders risk. The choice is yours.

Underwriting Guidelines

Some general guidelines for a No Ratio Mortgage.

  • Minimum middle credit score is 640
  • 5 credit accounts are required. 3 may be from alternative sources-utility, auto insurance, etc.
  • Bankruptcy and foreclosures must be discharged for 3 years with reestablished credit
  • Two years employment with same employer
  • Two months PITI reserves are required with an LTV <=80%. 6 months reserves are required otherwise.
  • 10% minimum down payment is required from your own funds. No gifts.

They allow you to purchase or refinance a single family, townhouse or condo. An investment property can be a single family, 1-2 unit, townhouse or condo. Vacation homes also can be a single family, townhouse, or condo. The loan program can be used with our construction/perm program.

Learn more about No Ratio Mortgage Closing Costs

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 bargains in real estate are and they are NOT just for investors. Learn more about Short Sales

Learn more about Loan Modification. If you can not refinance, it may be the best way to save your home today.

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 debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

No Ratio Mortgage Prequalify for your No Ratio Mortgage.

 

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Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.