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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (145998)	11/6/2008 3:37:32 PM
From: geode00	Read Replies (1) \| Respond to of 173976

It depends on the lender. "...No-income/no-asset verification mortgages These loans, sometimes known as NINAs, need the least documentation. In some cases the borrower provides his or her name, Social Security number, the amount of the down payment and the address of the property being bought. That's it. The lender gets a credit report and a property appraisal. The line gets fuzzy between no-ratio and NINA mortgages, McLaughlin says. A lot depends upon the borrower's credit score. The better the score, the less documentation the lender will demand. In many cases, the lender will want to know what the buyer does for a living, and for how long. Lenders feel more comfortable with a borrower who has been doing the same job for at least two years. In any case, an excellent credit score is required. These mortgages are for people who never, ever fail to pay bills on time. Actually, they're for people who employ assistants to pay the bills on time. They're meant for people who zealously guard their privacy -- the movie star who doesn't want someone in the loan office selling copies of her tax return to The National Enquirer, the mobster who doesn't want to leave a paper trail. The less documentation, the higher the rate. Someone getting a no-documentation mortgage might pay up to 3 percentage points higher than the going rate for fully documented conventional mortgages. "It's always a layered risk situation," McLaughlin says. The size of the down payment is one layer -- the bigger the down payment, the lower the risk and the lower the rate. The same goes for credit score, willingness to show ownership of assets, and the degree of openness about what the borrower does for a living." moneycentral.msn.com