No income verification mortgage
Started by nivf
about 16 years ago
Posts: 2
Member since: Oct 2009
Discussion about
Does anyone know of a bank other than Emigrant that would do no income verification cash out option (mortgage or home equity line) on NYC coop apt. I am looking to obtain $100-150K on completely paid off appartment, which comes to 25-35% of the apartment value. My fico score is above 700, private comanies that do financing is fine. Thanks.
Going to have a tough time getting this done. No doc loans, AKA Liar Loans, aint happening these days and most major banks have stopped, or pared down, their issuance of HELOC loans.
Good luck...
wait... banks are still doing liar loans? is the original post from October 15, 2009 or October 15, 2004???
nivf, what are the terms of the Emigrant no-doc mortgage?
This is to Alanhart - Emigrant wanted me to pay out my credit cards at the closure with the 95% of the amount they lend, my credit cards are at the fixed rate much lower than mortgage, and I won't be able to re-borrow at that rate.
I am in a very difficult sutiation and I need cash out option only.
To the rest of the pannel: Please no empty remarks.
Thanks nivf. I guess I meant specifically:
1. what interest rate are they quoting for the mortgage?
2. Fixed? Adjustable? How many years?
3. What loan-to-value ratio are they willing to do ... are you saying they'll lend you 95%
4. Condo or coop?
Can you sublet your apartment and either rent a studio in Queens or crash with family until your financial situation improves?
Look into Apple Savings and Hanover Community for a Stated Income/ Verified Asset mortgage.