Questions & Answers
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Easy-Qualifier Loans - Q & A
Q:
What are no-doc loans?
A: "No-doc" loans are mortgages
for which lenders require very little loan documentation as long
as the borrower puts down a sizable down payment, generally 25 percent
or more.
These mortgages are common among self-employed people who say they
earn a certain amount of money but whose tax returns show that their
earnings are much lower.
Resources: * "How to Shop for a Mortgage,"
Mortgage Bankers Association of America, 1125 15th St., N.W.,
Washington, DC 20005; call (202) 861-6500.
Q: Can someone who
is unemployed get a loan?
A: Generally, lenders will not make
loans to unemployed persons because someone without an income would
seemingly have no way of making monthly mortgage payments.
However, there are home loans for which lenders require very little
loan documentation as long as the borrower puts down a sizable down
payment, generally 25 percent or more. These "no-doc"
loans are common among self-employed people who say they earn a
certain amount of money but whose income tax returns show that their
earnings are much lower.
Borrowers should check directly with lenders
when seeking a no-doc loan. If specific lenders do not offer them,
ask for a referral.
Copyright 1999 Inman News Features
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Or, are you looking to make some needed home improvements?At Flamingo
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Frequently
Asked Questions |
| Our comprehensive list
of frequently asked questions might be just the thing you need to
help you with you loan descisions. Be sure to take a few minutes
and browse through them. If there aree any questions you can not
find the answer to then either send us an email or give us a call
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Condotel
Financing |
| Flamingo Trust Mortgage Corp. offers a number
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Corp. is able to obtain up to 80% loan to value for purchasing or
refinancing condo-tels. |
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