Are there any Mortgage Lenders in Michigan that will do a stated-income or no-doc loan?

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  1. Reply
    Wayne Z
    February 18, 2011 at 10:34 am

    I believe that those types of loans were outlawed back in 2008.

  2. Reply
    February 18, 2011 at 10:39 am

    No such loans out there any longer. The investment world does not want them. They will come back some day. The best thing to do is to report your full income for the next 2 years to the IRS and pay the tax due. Then you may qualify for a mortgage.
    I am a mortgage banker in TN

  3. Reply
    February 18, 2011 at 11:17 am

    There are a number of companies and organizations that will approve you for a home loan no matter what your credit score, but that comes with major consequences. You’re likely to pay outrageous fees and the interest you’ll pay on the loan will be two to three times the average rate.

    As a result, not only will it cost you hundreds or even thousands of dollars more to live in your home every month, but by the time you pay off your mortgage it could cost you hundreds of thousands of dollars more. That’s because each month you pay your mortgage, more money is sent to the bank to pay interest than to actually owning your home. You’re simply paying a fee.

  4. Reply
    February 18, 2011 at 12:16 pm

    There are stated and no-doc loans available still. No, they weren’t outlawed. However you need very good FICOs to get one and you must show assets that can be used as collateral. Be careful of people making promises that they can do one with no problem. They are probably a hard money lender. The major banks still offer them but they make you jump through more hoops than they did 3-4 years ago. I would recommend one of them.

  5. Reply
    February 18, 2011 at 12:50 pm

    Such mortgages are now history. NO ONE writes them any longer, unless the amount you are borrowing is 50% or less of the appraised value of the property.

  6. Reply
    February 18, 2011 at 1:05 pm

    There are a few mortgage companies that do such mortgage loans. They have not been outlawed. The Veteran’s Administration is still doing them for qualified veterans.

    In order to qualify for such a mortgage you must have above credit scores, excellent credit and a history or paying your debts on your credit report without any 30 day late payments or other possible blemishes.

    There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

    You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

    He will inform you of what is necessary once you contact him.

    This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  7. Reply
    February 18, 2011 at 1:42 pm

    They do not exist anymore. The VA does not do these loans.

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