Looking for Mortgage Broker/Lender in PA who Does No Doc Loans?

[ralfgage]

I am aware of sub-prime mortgage problems and surrounding troubles but there is a need for No Doc Lenders. There is a large market for it. I heard they are coming back?

 

[Josh]

I recently became a licensed mortgage broker, mostly to do marketing in exchange for a commission split which necessitated the license. When you say "no doc" that's like saying "full coverage" in that it's relatively nondescript. Things have changed and lenders are never going to give out money like they used to. There are some lenders that handle streamlined refi processes, but on the balance you're going to find everyone wanting more documentation then they did going back even a few years.

Let's also not confused a no doc loan with having relaxed requirements and/or working with folks that are self-employed to have a realistic way of assessing their ability to handle a mortgage payment.

 

[acesdown]

Hello. Are you still looking for no-doc loans in PA. I have a Stated Income program for PA, NY, NY, & MA. This is not a bait/switch. PM me if you are interested in this program?
vic

 

[Guest]

are no-doc loans still available?

 

[Jhold]

After 2008 is this even possible?

 

[beevelbop]

This is a long shot, but I do reverse mortgages in PA-it is "no doc" in the sense that we don't look at income or credit. BUT client has to be 62+ with decent home equity.

Homeowners can still make monthly payments at a relatively low rate(fixed is at 5%).

Doubt that is your client's profile but figured I'd give it a whirl...

 

[chrishemsworth]

The brokers you deal with may also tell you about mortgages from lenders they can't deal with, but there's no absolute guarantee this will happen.