no doc - Posted by Mark C

Posted by alexis on July 22, 2005 at 20:15:39:

Can you send me info on no doc hard money lenders

no doc - Posted by Mark C

Posted by Mark C on July 15, 2005 at 01:47:59:

I applied for a no doc to purchase a condo. My credit score is 660 which will go up once I pay off my credit cards. They said 5% down and about 4000 in closing costs. This would be 75/20 at 7.5% on the first and payment would be approximately 562.29 month for a 3 year io arm. This seems kind of high. Is there any other options?

Re: no doc - Posted by RoninCEO

Posted by RoninCEO on July 20, 2005 at 22:49:50:

I sent you an Email regarding this.

Re: no doc - Posted by Devon Daughety

Posted by Devon Daughety on July 15, 2005 at 23:17:42:

No way! That rate seems right about inline… think about it, you have tons of hits against you.

  1. Low credit score (not by full doc standards, but usually for no doc loans they want 720+)
  2. Condo (especially if it is a highrise)
  3. Interest Oonly
    Also, it doesnt look like you’re being charged any points from the looks of the $4000 in closing costs… if the loan is like $100,000 I would say that is a hell of a bargain.
    What state are you in?

Re: no doc - Posted by Rolando Valero

Posted by Rolando Valero on July 15, 2005 at 11:48:31:

Hi Mark,
It is possible for you to get 100% financing with a 660 score if that is what you are looking for. The closing costs sound low to me and the rate is a bit high. What is the rate on the second? What is the sales price of the property? Where are you located? Do not try to pay off the cards just get them below 50% and don’t close any of those accounts. I would love to talk further with you. I’ll send you an e-mail

Re: no doc - Posted by zach

Posted by zach on July 15, 2005 at 02:22:40:

sent ya an email