M&I Bank No Doc Mortgage?

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Can anyone tell me if M&I Bank offers a No Doc mortgage loan?
Sorry,I forgot important details. The Purchase price of the home is 525,000.Value is around 600,000,and we will be putting down 33%. We can do a full doc,but my husband has a lot variables and perks on his income.Cars,some income is W2 and some is reported as dividends.It is just such a pain in the neck. We fax for 2 days. He has about 150,000 in his 401k and we have a bank balance in the mid 400’s. Not trying to be “showy” but based on the above,I just want to go ditectly to the best lender out there,and not waste a lot of time with others.

I want a mortgage for less than half of the last appraisal and am self employed. Shouldn’t this be easy when I want a $ 175K mortgage on a $ 425K house? What DO they check on a no-doc loan?

  1. Reply
    February 4, 2011 at 6:58 am

    depends every lender has been changing their guidelines every hour! make sure you speak to the right broker!

  2. Reply
    February 4, 2011 at 7:07 am

    No Docs are much harder to come by because of the problems the mortgage companies have had over the last year. As mentioned, ask the loan officer and talk to your Realtor. Just be very careful of the junk charges that some lenders have on their loans. That interest rate may not really be as good as you it looks. Talk to more than one lender and shop their rates. Having several mortgage companies pull your credit in a 2 to 4 week time frame does not pull your credit score down. And be extremely careful if you are buying new construction and the builder tries to force you to use their lender in order to get upgrades and closing costs. Nothing’s free so you are paying for those in the price of the house, with a higher interest rate and assorted junk charges.

    EDIT: As the last poster mentioned, we are scattered everywhere and I am also not familiar with M&I. Shopping a loan doesn’t take long. A few simple phone calls is all it takes. They take your name, SS# (be sure they are credable lenders), address and DOB and they can run a credit check. From there, they should quote you a rate plus give a Good Faith Estimate of all costs (if you qualify) and you can choose the best one. Documentation comes after you have chosen the lender and actually make application.

  3. Reply
    February 4, 2011 at 7:41 am

    Most of us on this forum live in a lot of different states. I am not aware of the state you are living in nor do I know of M&I Bank.

    The best thing for you to do is call M&I and ask if they have a loan program for “No Doc’s”.

    You might also ask if the what the term “No Doc” means to them.

    There are some lenders that have “No Doc” which means you will not have to verify income, but you must verify assests.

    Then there are some that have no income or assest verifications. This will cost you more in interms of points and possible fees. You also have to have a higher credit score to qualify for most of these loans, though there are some that go as low as 620, however most are 680 and above.

    Your best bet to get a mortgage of this type is to contact a local mortgage broker by looking in your telephone book. They have many underwriters they can go to for such loans. I some instances you might find them to cost less.

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

    “FIGHT ON”

  4. Reply
    February 4, 2011 at 8:39 am

    Mostly they’ll be concerned with whether or not you have the income necessary to pay them back every month. As long as your debt-to-income ratio isn’t too high and you have decent credit someone will give you the loan.

    Have a great day!

  5. Reply
    February 4, 2011 at 9:06 am

    You may have to provide bank statements showing that you do have income. Also, credit score is important. If it is too low you will not qualify for a no doc.

  6. Reply
    Alexander K
    February 4, 2011 at 9:28 am

    You should have no problems getting it, you will need a credit score of 700 or better. The credit score requirements have been raised recently in spite of recent Sub prime troubles.
    But basically in a No-Doc loan a credit score, appraisal report and a clean title are the only requirements.

  7. Reply
    February 4, 2011 at 10:15 am

    You won’t have a problem if you have a good net worth and credit score. I got one when I could have proved income but they didn’t require any income at all if you were borrowing less than 70% of the value of a single family not in a trust and had a credit score over 720.

  8. Reply
    February 4, 2011 at 10:25 am

    It’s all about the credit score in that case, but with that LTV it shouldn’t be a problem, most banks the lowest they will go is 680 credit score. Why go no doc, if you are self employed you could go stated income and just show bank statements or a letter from your accountant. A no doc loan is just that, a loan with stated income stated assets.The bank wants to see employment for two years, that’s the other big one. So a VOE from your employer.

  9. Reply
    kathy p
    February 4, 2011 at 11:16 am

    They’ll need to see your ID (driver license, etc), and will check your credit, a recent appraisal and title work.

  10. Reply
    February 4, 2011 at 11:49 am

    If you are self employed and have a licence or can provide a CPA letter it is better to do a sisa (stated income stated asset) program the rates are better than a no doc program. With boh you need to have good credit. On a no doc program the bank looks at the appraisal and credit. On a sisa program the bank will make sure you do work and that is why you would need a business licence or CPA letter I am a broker in the states of CT, RI, NY, and MA if you are in any of these states you can email me at courtney@providencemrtg.com and I will get the loan done for you.

  11. Reply
    J S
    February 4, 2011 at 12:05 pm

    The factors that most banks will consider are the following credit score, appraisal value, title, LTV (loan to value ratio), credit history, and if you have 12 months bank statements you can qualify for a lower rate. You can get this loan closed in 7 days at http://www.restructureyourmortgage.com Best of Luck.

  12. Reply
    February 4, 2011 at 12:08 pm

    Perfect credit is the main requirement.

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