With the recent mortgage crisis, is it still possible to do no-doc loans?

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I have a good credit score (720) and a decent down payment (20 %) but I have only been at my job 6 months, and I don’t work there in the summer. I will have to find seasonal summer work and I know that usually doesn’t count in the calculation. I plan to have a roommate to help me make the payments. Are there any reputable mortgage companies that still offer a no-doc loan based on good credit?

We are looking to get a stated income/no doc mortgage for a home that is commercially zoned. We have 20% down and need to borrow 200k. FICO score inn mid 600s. Thank you!

3 Comments
  1. Reply
    Shannon J
    February 7, 2011 at 1:17 pm

    Were are you located? It could be possible but you want to make sure you are able to pay for the loan. A mortgage broker or loan offer may be able to shop the loan for you(normally a little higher interest rate than a bank). Banks are more challenging but with your scores you may want to talk to your personal bank about a loan. With your scores and a downpayment this is likely. There is other things that would be considered such as assets, savings and ira accounts. Your dept ratio is what it would all boil down to. If you have someone else that would be going on the loan with you and they have some decent credit it could be even more of a chance of an approval. Be carefull….don’t let everyone pull your credit.

  2. Reply
    yourmtgbanker
    February 7, 2011 at 1:47 pm

    Most of these programs have changed drastically within the past month. The quick and simple loan program requires 10% down, a credit score over 680 and 2 yrs at the same job/location. There are some other programs for those with good credit such as yours that will do stated with a 15% down pymt and stated income but this program is for areas outside the city limits.

  3. Reply
    Kris Z
    February 7, 2011 at 2:21 pm

    no i do not. you will probably not get a no doc loan until your score is in the 750s in this lending environment

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