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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.
Response by realestatejunkie
about 16 years ago
Posts: 259
Member since: Oct 2006

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...

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Response by The_President
about 16 years ago
Posts: 2412
Member since: Jun 2009

wait... banks are still doing liar loans? is the original post from October 15, 2009 or October 15, 2004???

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Response by alanhart
about 16 years ago
Posts: 12397
Member since: Feb 2007

nivf, what are the terms of the Emigrant no-doc mortgage?

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Response by nivf
about 16 years ago
Posts: 2
Member since: Oct 2009

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.

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Response by alanhart
about 16 years ago
Posts: 12397
Member since: Feb 2007

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?

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Response by maly
about 16 years ago
Posts: 1377
Member since: Jan 2009

Can you sublet your apartment and either rent a studio in Queens or crash with family until your financial situation improves?

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Response by fivemznyc
about 16 years ago
Posts: 6
Member since: Mar 2007

Look into Apple Savings and Hanover Community for a Stated Income/ Verified Asset mortgage.

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