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Rainmaker
4,038,756
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I don't know but it's good to see mortgage experts Deanna Early and Joe Petrowsky give their answers.

Mar 21, 2016 08:44 PM
Rainmaker
2,429,886
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Reid. Bank statement loans are available for self employed individuals, they require no tax returns. As far as I know they are available in every state.

What state are you in?

Mar 21, 2016 06:50 PM
Rainer
468,373
DEANNA C. SMITH CERTIFIED MOBILE NOTARY
Certified Mobile Notary Signing Agent - Smith Mountain Lake, VA
Highest Ranked Certified Mobile Notary in Virginia

We got rid of ALL our No Doc products years ago and I don't see them ever coming back ! 

Mar 21, 2016 01:18 PM
Rainmaker
3,315,849
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I have not seen any legitimate ones, however there is a need for mortgages for self employeed. 

Mar 21, 2016 10:28 PM
Rainmaker
1,632,942
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Not in Florida to my knowledge. Sandy says there are in California.

Mar 21, 2016 10:46 AM
Rainmaker
1,833,080
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I have not heard about no doc loans Reid Wyly 

Mar 21, 2016 10:39 AM
Ambassador
5,330,066
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Not that I know of.

Jun 17, 2019 09:14 PM
Rainmaker
19,260
Steve McRory
Pro Option Mtg. 888-662-4404 - Tampa, FL
Mortgage Loan Originator

For true rental property (for business purposes only) there are lenders offring very LOW Doc loans at up to 75% 

What to search for on Primary res. and 2nd home purchases are the new Stated Income ALT  loan programs.

On Primary Res. and 2nd homes,  proving ATR (Ability To Repay) is the name of the game these days and the big banks are helpless when it comes to being able to fund loans for many Self Employed borrowers who take advantage of allowed tax write off savings or.... for Outside the Box situations.

Stated Income ALT  loan programs are filling the void.  These programs are a lot more lenient and accept alternative income streams and calculations to prove ATR such as using: 

  • Assets for Income
  • Expected Income
  • New Employment (same field)
  • 1099 Income
  • Commissions and Bonuses
  • Business Bank Deposit averages   
  • Personal Bank Deposit averages
  • Account Receivables
  • Contracts in place for future income
  • Expected Rent (rent schedule / what comparable homes rent for in the area)
  • Self Employed Tax return income calculated much differently, under Alternative Guidelines (i.e. Stated Income ALT)
  • New Rental Income  (must have a legit executed lease, with proof of receipt of deposit and 1st month rent with proof of deposits in landlord’s account)
  • Etc.,

 

Aug 26, 2016 09:47 PM
Rainer
5,300
bruce barbera
San Francisco, CA

I can use 1 yr tax returns or 12 months Bank Statements. If you have any buyers remaining on the side line due to a credit event I have product for that as well. Bruce 415-761-2230

May 14, 2016 02:55 AM
Rainmaker
1,512,129
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I still receive a lot of emails with ''too good to be true'' products promises.

Mar 23, 2016 06:19 AM
Ambassador
3,707,519
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Try Quicken loans and their rocket package...

Mar 22, 2016 12:25 AM
Ambassador
1,573,605
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Not that I'm aware of.  Joe Petrowsky is a good one for this question.

Mar 22, 2016 12:17 AM
Rainmaker
6,500,950
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Joe Petrowsky has provided a good answer for you.

Mar 21, 2016 11:47 PM
Rainmaker
419,719
Brenda J. Andrew
ULTIMA REAL ESTATE - Corpus Christi, TX
Professional Realtor in Corpus Christi, TX

Wow!  I didn't realize anyone was doing these anymore.  Are there any Texas lenders out there that do these type of loans?  If so, what are the interest rates?

Mar 21, 2016 11:39 PM
Rainmaker
3,069,934
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

parked and reading

Mar 21, 2016 10:38 PM
Rainmaker
634,272
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Nope, those days are gone.

Mar 21, 2016 06:59 PM
Ambassador
4,312,753
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Reid Wyly - I'll be glad to see what others have shared.....

Mar 21, 2016 03:31 PM
Rainmaker
1,707,397
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Yes there are loans for investors that are no doc based on rental income but only at high interest rates and 5/1 ARMs. Not Fannie for sure.

Mar 21, 2016 01:01 PM
Rainmaker
952,261
Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

I get emails occasionally from a Florida lender offering private money no doc  loans BUT they require a low LTV and the rate and terms are UGLY!

 

Mar 21, 2016 12:29 PM
Ambassador
3,986,660
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I attended a lender seminar last week and the investor that buys their loans actually came and spoke. There are some no doc loans available through his company.  I was surprised to hear it.

Mar 21, 2016 12:28 PM
Rainmaker
1,982,821
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

yes - you just have to have the right lender

Mar 21, 2016 12:26 PM
Rainmaker
1,157,485
FN LN
Toronto, ON

Depends on the jurisdiction.

Mar 21, 2016 11:23 AM
Ambassador
4,542,692
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Looks like there may be some around, but they come at a price. I'd talk to a few good lenders

Mar 21, 2016 11:20 AM
Rainmaker
878,591
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Two issues.

#1. Lenders providing funding for occupant buyers have the Consumer Protection Act that really has teeth.

#2. Local lenders CAN offer portfolio loans (these can not be resold to Fannie) and may require specialized ownership instruments.

Go the the banks with names you have never heard of and find out who their preferred client is and what they have to offer for non-conforming borrowers. 

Mar 21, 2016 10:36 AM
Rainmaker
1,145,570
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In CA there are banks with no loan docs. >40% min down. default rate is one of the lowest in west coast. You need to go in person with an account. No phone calls.

Mar 21, 2016 10:33 AM
Rainmaker
4,125,393
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Have not heard of any in my area. Check with Joe Petrowsky.

Mar 21, 2016 10:23 AM
Rainmaker
1,231,599
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Where?

Mar 21, 2016 10:20 AM
Rainmaker
1,711,877
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I know there are but Joe Big Box Bank doesn't have them. Don't you know a mortgage banker?

Mar 21, 2016 10:18 AM
Rainmaker
3,985,831
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have heard of them but I don't know who

Mar 21, 2016 10:00 AM