No income verification mortgages

Bill Meyers, Mortgage Loan Consultant                                                                Phone 239-566-8484 or toll free 877-994-9589
Marco Island FL 34145


          Home                                                                       Low Doc Loans                                                              Mortgage Rates

Stated Income Mortgages (Low Doc) and credit scores

04/30/2008

Low doc or stated income loans are available to borrowers with very good credit scores. Parameters have been changing so please call for current information. Loans approved on an automated underwriting systems may not have specific credit score requirements.

Low doc mortgage rates may be higher than full doc mortgage rates depending on down payment and credit scores.

This chart shows requirements for portfolio fixed rate and adjustable rate mortgages. Different loan types may have different parameters. Additional programs available for loans up to $417,000.

NIV (no income verification) Fixed Rate and ARM Loan Programs. Due to recent market volatility, these percentages may change. Areas of declining property values may have a 5% to 10% loan to value ratio reduction. Loan amounts over $750,000 may have different parameters.
Type of transaction	loan to value ratio
Purchase primary residence	80% LTV with 700 credit score
Refinance, primary residence, no cash back	70% LTV with 700 credit score
Refinance, primary residence, cash back up to $100,000	70% LTV with 700 credit score
Purchase second home or investment property	70% LTV with 700 credit score
Foreign nationals, purchase second home	65% LTV, no credit score required

Option ARM rates

Jumbo mortgages

Stated Income or NIV (no income verification)
With as little as 20% down payment, this loan program lets you state your income on the loan application but tax returns are not normally required. The source of income is verified but not the actual amount. The stated income will be used to calculate debt ratios for loan approval. Bank/investment account verification may be required.

Foreign nationals purchasing second (vacation) homes
A down payment of 35% is required.

Questions? Call Bill Meyers toll free at 877-994-9589 or 239-566-8484 or e-mail bill@marcoislandmortgage.com

This website is not a solicitation for mortgage brokers
Rates vary with geographic location, lender, transaction type, credit scores and other factors
APR is abbreviation for annual percentage rate
Rates change frequently and these rates may not reflect the latest market conditions
Expressed interest rate may change or be unavailable at commitment or closing
Most rates based on primary residence, purchase transaction
Cash out refinance rates may be slightly higher
Some loans may have pre-payment penalties
Rates on some programs may require higher down payments
This is only a brief summary of rates and programs and possible fees, call for additional information on underwriting requirements
and program limitations. Guidelines and rates posted here are general in nature and subject to change without notice.
Rates must be locked by phone or in person.
Mortgage calculators are believed to be accurate but results are not guaranteed
All information published on this web site is believed to be accurate but cannot be guaranteed, errors may occur
This site has been built and is maintained by Bill Meyers

Bill Meyers is employed as a mortgage loan consultant for one of the nation's largest residential lenders. Bill works as an employee and not a mortgage broker. This is Bill's personal web site and not the official web site of any bank or mortgage company. Please consider all information posted on this site to be general in nature and representative of mortgage rates and policies that may be available from various sources. Bill is located on Marco Island Florida. Bill can be reached on his cell phone at (239)566-8484

Home Mortgage Rates, no closing costs Low Doc Loans

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