Navigating the Mortgage Maze by Andrew Turnauer

Author:Andrew Turnauer
Language: eng
Format: epub
Published: 2018-08-10T16:00:00+00:00

You will find yourself sailing off the cliff if you attempt a no income package and don’t have the required business license. Find out what the regulation is in your jurisdiction, and get the license. The fee is usually minimal, and compliance is well worth it.

The no income package usually supports loans with an LTV that is no higher than 75 percent, a deal in which you make at least a 25 percent down payment.

To summarize the essential components of the no income stated underwriting package, you need the following:

1. VOD and/or bank statements, which document down payment, reserves, and deposits.

2. Credit report, bank statements or canceled checks to document debt service.

3. A credit report reflecting an excellent record of payment.

4. A minimum of 25 percent down payment.

5. Cash-reserve requirements vary, but can be as high as 80 to 100 percent of your gross annual income, and as little as 2 to 3 months PITI.

6. Sound collateral; the lender will go through the contract and require any reports that you requested in addition to the appraisal, as well as any reports the appraiser has requested because of problems spotted.

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