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No-Doc/ Stated Income Loans Are Back!

August 17, 2012 by  
Filed under Blogs, Real Estate

by: Michael Creditfirm.


Looking to Buy a house but can’t prove income?

A few years ago, your loan officer would have steered you toward a “no doc” or “low doc” loan where you would have to provide limited to no information about your income. But those loans are pretty much dead. Or are they?

Joe Kelly, president of ArcLoan.com, a national mortgage firm, says that no doc loans may be available from “portfolio lenders,” such as credit unions or community banks.

A Portfolio Lender is a company that not only originates mortgage loans, but also holds a portfolio of their loans instead of selling them off in the secondary market.

Portfolio Lender requirements for a no doc loan:

  • Very high credit scores (720 and up)
  • No Derogatory marks on your Credit Report
  • Low LTV (loan-to-value)
If you are interested in doing a no doc/stated income loan. Contact your Local Community Bank or Credit Union.

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12 Comments on "No-Doc/ Stated Income Loans Are Back!"

  1. Audrea on Wed, 22nd Aug 2012 11:03 PM 

    Informative article, exactly what I was looking

  2. betsey on Mon, 27th Aug 2012 9:02 AM 

    Really? I can’t believe that there are banks still
    stupid enough to offer no doc loans after what happened in 2008.

  3. Frank Maturo on Wed, 12th Sep 2012 3:56 PM 

    Finance One is doing no doc and stated income loans.
    Stated income to 70% in several states and no doc to 50% in several states as well.
    They also have a program for self employed that only looks at business gross
    receipts to qualify for a loan. This is good for borrowers who write everything off.
    Visit http://www.finance1online.com/stated-income-loans/ for more information.

  4. Paulette Vega on Sun, 21st Oct 2012 2:49 PM 

    I don’t understand why people just can get regular loan financing?
    What is the big deal about these loans, If you make enough money
    to afford a mortgage, report your income, pay your taxes and get
    a regular mortgage.

  5. Rochelle on Fri, 26th Oct 2012 7:48 PM 

    I hope that more lenders begin to do stated loans in the future.
    Its the only thing that will ever get our lousy housing market back
    on track.

  6. Elden on Sat, 27th Oct 2012 11:42 PM 

    You guys probably don’t remember me, but you helped me
    get my score up 53 points a few months back. Kinda funny
    that I stumbled back to your site again. Anyways, thanks
    for the great service! Keep it up. P.S. I’m sending my
    cousin over, take good care of him.

  7. Sondra on Sun, 28th Oct 2012 4:59 PM 

    As a self employed individual, I have to say that
    I applaud these smaller lending institutions for
    bringing this wonderful program back.

  8. Karri on Sun, 28th Oct 2012 5:13 PM 

    No doc was the driving force for increasing housing prices in
    the early 2000’s. Now that it’s back, home prices are sure to
    come back up soon.

  9. Alma on Mon, 29th Oct 2012 9:59 PM 

    So who do I go see about a stated income loan?
    My loan officer doesn’t offer it.

  10. Kami on Wed, 31st Oct 2012 3:20 AM 

    Although I don’t agree with no doc loans,
    I do see why they are necessary.

  11. Gilberto on Wed, 31st Oct 2012 6:28 AM 

    I need a Stated loan!! Hurray!!!!!!

  12. Lynn on Thu, 1st Nov 2012 8:45 PM 

    Thank you for the post, no doc loans = hope of getting a house for me.

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