Tham khảo tài liệu 'handbook financing secrets of a millionaire real estate investor_4', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 74 FINANCING SECRETS OF A MILLIONAIRE REAL ESTATE INVESTOR Some loans are called no ratio loans in that you don t have to justify your total debt mortgages plus other continuing obligations such as car loans and student loans compared to your income. Few if any loans are true no documentation loans. Most of these offered programs are bait and switch tactics The lender says they don t need documentation but when the loan is being processed the lender will ask for more and more documentation. Often the lender will see some red flags that trigger the additional inquiry. The best defense to these tactics is a good offense speak to your lender or mortgage broker up front. Identify documentation issues up front educate the lender about your finances and be truthful. The more a lender suspects you are hiding something the more documentation the lender will ask for. Here is a real-world example Carteret Mortgage lists the following general guidelines for one of its no-ratio mortgage loans Minimum middle credit score must be 640. Five credit accounts are required three may be from alternative sources utility auto insurance etc. Bankruptcy and foreclosures must be discharged for three years with reestablished credit. Two years employment with same employer. Two months PITI reserves are required with an LTV less than 80 percent. Six months reserves are required otherwise. 10 percent minimum down payment is required from your own funds. No gifts. You should ask for this kind of information up front from your mortgage broker or lender. The more information you know about what a lender needs the more information you can provide. 5 Creative Financing through Institutional Lenders 75 Watch What You Say on NIV Loans Just because you don t have to provide documentation of your income to the lender it doesn t mean you have a license to lie. Most lenders will make you sign an authorization to release federal income tax returns. They may not check now but if your .
