For borrowers needing a purchase loan or refiance most lenders require qualification based on either"full documentation" of income (W-2's or tax returns) or "stated" income (for self-employed). There are also programs which require no income to be stated on the loan application ( "no ratio" or "no doc" programs). The catch for retired borrowers is that even with stated income, no doc and no ratio programs, the lender will require verification of 2 years employment in the same profession.
This employment requirement is obviously a challenge for retired borrowers since generally there is no income from employment and no current employment history. So the retired borrower will fail to qualify for a mortgage loan with most lenders even though he/she may have substantial assets and a great credit history.
There are a few programs I have available for retired borrowers that are "stated income" or "no ratio" with no employment history required. The rates will vary depending on the borrower's credit profile and the loan-to-value, but are competitive in today's market. I have a 30 year fixed stated income program with an interest only option available in addition to a 30 year fixed no ratio program and several no ratio ARMS.
Feel free to post a comment about this topic or e-mail me with questions!
Wednesday, November 21, 2007
Wednesday, November 14, 2007
Every day I hear clients and aquaintences say "Oh, you're a loan officer....I thought there were no real estate loans any more!"
Nothing could be further from the truth. There are plenty of great loan programs available for all kinds of borrowers, even some that do not require income and asset verification. Here are some examples:
For borrowers needing jumbo loans (loan amounts over $417,000) with no income or asset verification needed, I have a great portfolio ARM program up to 75% loan to value to a maximum loan amount of $1,000,000. This would be for owner occupied purchase or rate and term refinance with a minimum FICO score of 720.
I also have a "no income, no asset" program tht can go up to 80% loan to value and to a maximum loan amount of $500,000 with a munimum FICO of only 660. This is also for an owner occupied purchase or rate and term refinance.
If you need more information about these programs respond on this blog or e-mail me at loans@lindahunter.com.
Nothing could be further from the truth. There are plenty of great loan programs available for all kinds of borrowers, even some that do not require income and asset verification. Here are some examples:
For borrowers needing jumbo loans (loan amounts over $417,000) with no income or asset verification needed, I have a great portfolio ARM program up to 75% loan to value to a maximum loan amount of $1,000,000. This would be for owner occupied purchase or rate and term refinance with a minimum FICO score of 720.
I also have a "no income, no asset" program tht can go up to 80% loan to value and to a maximum loan amount of $500,000 with a munimum FICO of only 660. This is also for an owner occupied purchase or rate and term refinance.
If you need more information about these programs respond on this blog or e-mail me at loans@lindahunter.com.
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