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Mortgage-Plus offers Low Doc with *no closing costs |
Low doc or stated income loans are available to borrowers with reasonably
good credit scores. Credit scores need to be at least 680 for 80%
purchase, refinance and refinance cash out. Borrowers credit score can
be as low as 660 for 65% loans. Jumbo loans over $1,500,000 are not
available under this Mortgage-Plus program.
You do not pay a premium
interest rate
or points for stated income with Mortgage-Plus.
This chart shows parameters for Mortgage-Plus loans
NIV (no income verification)
with verified assets
Purchase, refinance and refinance cash out transactions |
|
Primary residence, 1-4 unit residential property (lender pays
closing costs)
| |
Maximum Loan |
Loan to value ratio |
Minimum Credit
Score | |
$650,000 |
65% |
660 | |
$1,000,000 |
80% |
680 |
|
$1,500,000 |
70% |
680 |
| Second
home, 1-2 unit residential property (lender does not pay
closing costs) |
|
$650,000 |
65% |
660 |
| $1,000,000 |
80% |
680 |
|
Investment property, 1-2 unit residential property (lender
does not pay closing costs) |
| $650,000 |
65% |
660 |
| $1,000,000 |
80% |
680 |
Definitions
No closing costs
Normal closing costs, both lender and third party fees are paid by
lender (excluding mortgage taxes and document stamps). This applies to both
purchase and refinance transactions on primary residences but not on second
home or investment properties.
Stated Income
or NIV (no income verification)
With as little as 20% down
payment, this loan program lets you state your income on the loan
application but tax returns and pay stubs are not normally required. The stated income will be used to
calculate debt ratios for loan approval.
Verified assets
Recent Bank/investment account
verification showing total savings of an amount equal to 3 months income.
Income amount x 3 = total available liquid assets. Loan amounts over
$1,000,000 require 50% of total debt obligations. Accounts that
qualify include checking, savings, investment, 401k and IRA accounts.
Income does not need to show as deposits on statements. |
Questions? Call Bill Meyers toll free at 877-994-9589 or
239-566-8484 or e-mail
This website is not a
solicitation for mortgage brokers
Rates vary with geographic location, lender, transaction type, credit scores
and other factors
APR is abbreviation for annual percentage rate
Rates change frequently and these rates may not reflect the latest market
conditions
Expressed interest rate may change or be unavailable at commitment or
closing
Most rates based on primary residence, purchase transaction
Cash out refinance rates may be slightly higher
Some loans may have pre-payment penalties
Rates on some programs may require higher down payments
This is only a brief summary of rates and programs and possible fees, call
for additional information on underwriting requirements
and program limitations. Guidelines and rates posted here are general
in nature and subject to change without notice.
Rates must be locked by phone or in person.
Mortgage calculators are believed to be accurate but results are not
guaranteed
All information published on this web site is believed to be accurate but
cannot be guaranteed, errors may occur
This site has been built and is maintained by Bill Meyers
Bill Meyers is employed as a mortgage loan consultant for one of the
nation's largest residential lenders. Bill works as an employee and
not a mortgage broker. This is Bill's personal web site and not
the official web site of any bank or mortgage company.
Please consider all information posted on this site to be general in nature
and representative of mortgage rates and policies that may be available from
various sources. Bill is located on Marco Island Florida. Bill
can be reached on his cell phone at (239)566-8484
Home
Mortgage
Rates, no closing costs
Low Doc Loans
Equal Housing Lender
Contemporary art for your new home
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