Termanology
Can anyone tell me what the difference is between a "no docs" and a "stated income" loan ? Whats the criteria ? .... I seem to remember getting a "stated income" loan once but they still wanted to see my tax returns. Is there such a thing as a loan based solely on the equity of the property and the overall financial strength of the borrower ( liquid net worth ) and NOTHING else ? Please advise
Yes there is a big difference between no doc and stated loans. With stated you have to have some kind of employment history and reveal what your assets and income are to the lender. With no doc loan you don't state anything, they will only ask about your credit rating (700+) and the value of the property. No doc loans are highly credit driven, so if you don't have that 700+ you can't piss in the tall weeds with the big dogs
good luck
Thanks ast........ ! I clear answer to a clear question. I am sure I have that rating . ( it was 686 average 2 years ago when I bought a house and has only improved since then . Can you tell me how I can get a creit report which will give me the rating that the lenders will be looking at . Thanks