Credit Firm Logo

Client Login

For a Free Consultation
& Credit Evaluation Call

You are worthy of having excellent credit.
Join thousands of people just like you,on a path to improving their credit.
Credit Firm can help you improve your credit faster than ever.

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.

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review