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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (40890)3/27/2005 8:05:40 PM
From: Big Dog  Read Replies (2) | Respond to of 206207
 
JQ,

Since I am also a mortgage broker... The stated income loans do not even require a verification of the employer. Stated means stated. In some cases the lender will require bank statements to see the cash flow, but not in all cases. A high credit score means you can do all kinds of interesting things.

There are even some loans that are called NINA (no income, no assets). They would typically require a "decent" credit score together with a "decent" loan-to-value. Then there are also the loans for 103% and 107% of the purchase price (to cover closing costs).

Basically, we can finance a ham sandwich. It's amazing.

big



To: Think4Yourself who wrote (40890)3/27/2005 11:29:56 PM
From: jim_p  Respond to of 206207
 
John,

They call it a liars mortgage here. I had a friend who's husband filed for Ch-7 and didn't qualify for a normal mortgage so they took out the liars mortgage. You pay a slightly higher rate, but no need to qualify.


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