No docs loan/stated income home loans?

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I need some help with no docs/stated income home loans.
My husband and I are in the process of getting pre-approved for a home loan. I was assigned a loan officer that asked for all documents, W-2, pay stub, bank statements, 401K. I provided him with all documents. He told me he will be using a stated loan because the fact the my husband pays child support will disqualified us. My husband credit is in the upper 700’s close to 800 for the highest and mine low 700 lowest 706.
Now here come the question is this loan officer trying to take advantage of us? If we provided proof of income don’t we should be doing a full loan documentation? Oh and he is using my credit score vice my husband and he stated the reason child support again, we were approved already for a mortgage but the loan officer was not honest and we backed out of the deal and child supports was never an issue.
I live in the San Diego, CA area.
Can I make this loan officer use my husband score and full loan doc?

  1. Reply
    little eccy
    February 6, 2011 at 2:29 pm

    You can’t make him do anything, he is only doing his job. find another source to get your loan and ask up front on all relevant info regarding getting the loan. Doc/no docs, stated income, interest rate, points if any, appraisal fee, pre payment penalty. have him put everything in writing so you know exactly what you will be getting.

  2. Reply
    February 6, 2011 at 2:56 pm

    Without knowing the full scenario although you described it very well I would state that it may be easier for both of you to go no doc because you dont have to verify the history of your financials. No doc loans are for the very elite FICO score persons who can qualify. Yet, be careful that you are not getting hit with rate charges because you are going No Doc. Some pro’s to going No Doc are Quicker Funding Times and Closing Times over the traditional full doc. Child Support is such a stickler to banks and lenders that it can mess up the process of closing a loan. Make sure you can sit down with the loan officer or have the LO answer all your questions in regards to why it benifits you to go No Doc over Full Doc. If he/she cannot explain to you in a way that you can understand than get yourself another LO. Good luck.

  3. Reply
    February 6, 2011 at 3:26 pm

    It depends on how much he makes. However, a credit score that great should not be used with Stated Income. But, if he does not make that much money, or has a high amount of liabilities (child support) that could, and will, affect your loan.

  4. Reply
    February 6, 2011 at 3:48 pm

    why make a big deal out of this loan package. get the loan approved and close so the seller won’t sue you for non performance of contract. if you don’t qualify for the loan with the child support then you don’t get loan approval. if the lender uses his credit score then that means they must submit to the underwriter his credit report and then the c.s. issue will pop up and again you’ll not be approved. stated income loans are well known.

  5. Reply
    adam W
    February 6, 2011 at 4:34 pm

    There are a lot of possibilities but because of the lack of info on the scenario I can’t say for sure. We need to know a little more info. What is the value of the home? What loan amount do you need? Email me to compare.

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