The national average credit score is 692. What is yours?

[yonkers weights]

Correct - If your credit score is over 720 then we go with "Stated Income" we do not require tax returns, personal financial statements, bank statments, etc...
What ever you put on that application is what we use for your Debt/Income Ratio. So if you know how much Debt you have and what you need to borrow, you just add that to your Income and the loan is yours...

Trick for all of ya!

nothing like a guy looses his job and wants a line of credit and his scores in the 800s.... cannot do it
QUOTE]

Well, they CAN, if they lie about their employment. At the bank I work for, someone can get up to a 250k Home Equity (of course, I guess that's the key word, ie. collateral) loan/line of credit, ALL Stated. If the borrowers score is over 700, we don't require any form of income documentation, what so ever.

Our Business lines of credit are the same, stated for those with an awesome credit score. They don't have to show proof of how much their business actually MAKES, before we'll give them a line of credit. Which is kind of scary .

 

[dead_reggin_storage_fashi]

nothing like a guy looses his job and wants a line of credit and his scores in the 800s.... cannot do it
QUOTE]

Well, they CAN, if they lie about their employment. At the bank I work for, someone can get up to a 250k Home Equity (of course, I guess that's the key word, ie. collateral) loan/line of credit, ALL Stated. If the borrowers score is over 700, we don't require any form of income documentation, what so ever.

.

you dont to do a VOE ????(verification of employement)

well you guys are the reason probably why fraud is going on. thanks a bunch! :

also texas sucks with your A6 laws. not going over 80% cltv or the 3% rule and also no one has equity in texas as homes are worth shit there.

 

[dead_reggin_storage_fashi]

Correct - If your credit score is over 720 then we go with "Stated Income" we do not require tax returns, personal financial statements, bank statments, etc...
What ever you put on that application is what we use for your Debt/Income Ratio. So if you know how much Debt you have and what you need to borrow, you just add that to your Income and the loan is yours...

Trick for all of ya!

if your income doesnt match your job title or your postition it is a red flag to underwriters and also if the same company has an old 1003 on file and they realize your income seems quite high from before they may question as well.

if you are self employeed they will still need to a see a letter from a CPA or a business licence on large non conf loans


and what you are doing above is basically fraud by figuring out your DTI before and making up how much you make/have etc

 

[dead_reggin_storage_fashi]

yonkers....since you mentioned your home is going to be $650k get ready for some shity interest rates and pricing as jumbo loans price out like shit. I dont care who you know etc no investors are buying jumbo loans right now so the pricing sucks.

30 yr fixed jumbos are in the 7s at par

 

[yonkers weights]

I know! It sucks!
From what my mortgage guy tells me at Citi since I am an emplyee I can get it around 6.35 fixed

yonkers....since you mentioned your home is going to be $650k get ready for some shity interest rates and pricing as jumbo loans price out like shit. I dont care who you know etc no investors are buying jumbo loans right now so the pricing sucks.

30 yr fixed jumbos are in the 7s at par

 

[dead_reggin_storage_fashi]

I know! It sucks!
From what my mortgage guy tells me at Citi since I am an emplyee I can get it around 6.35 fixed

dont go with a 30 yr fixed....get an IO


6.375 ? 6-3/8? that is with about 3 discount points too! I would hold off a bit

 

[yonkers weights]

No points! IO??? I am dump when it comes to personal mortgages.

 

[freakazoid]

i bought my home 2 yrs ago with poor credit and got a 5.5apr

 

[ceo]

if your income doesnt match your job title or your postition it is a red flag to underwriters and also if the same company has an old 1003 on file and they realize your income seems quite high from before they may question as well.

if you are self employeed they will still need to a see a letter from a CPA or a business licence on large non conf loans


and what you are doing above is basically fraud by figuring out your DTI before and making up how much you make/have etc

kinda the reason for a stated loan eh? Liar loan. Lenders still salary.com it to see if it is overstated and by how much. If it is overstated it's done or income is dropped. If still ratio's then you're ok.

Also, if your score is high enough you (used to be able to) go "no doc".


For those thinking 7% is high...lol. Again, this is cyclical. Every 10 +/- years this happens. Like I have said before, 10 years or so ago, a great A paper rate was 9%, full doc. In the 80's it was 16% full doc, 18% stated.

Everyone has it in their minds that it's not only their right to own a home, but it's their right to have 5.5% interest rate on that home loan.

 

[calveless wonder]

if you have 800 scores and sufficient trades the banks don't give a shit about anything else

hence the reason for no doc and no ratio