karma l asked:
there are many from overseas who answer questions so that’s why I put USA on my question so people in the State can answer my questions.
there are many from overseas who answer questions so that’s why I put USA on my question so people in the State can answer my questions.
Ok, My question is,
on behalf of two close people of mine,
Let’s say my credit score is 722 and my sister’s credit score is 750. We both have good to excellent credit. She proves her income with documentations and mine is STATED INCOME that’s without showing any source of income or tax documentations.
Will they both qualify for 30 fixed loan at today’s current best loan of interest rate below 6%?
Will the lender go stated or doc loan on this? by the way, both are first time buyer.
a mortgage consultant has told they will be qualified for loan and the loan amount will be accoridng to the income.
ani info will be apreciated.
Home Sauna
Tags: Answer Questions, Current, Documentations
3 responses to mortgage loan questions, USA?
Student Loan Refinancing
youyr scores are fine your sister that os going what is refered as full doc by proving her income would most likely geta better rate than you doing a stated income loan . first off stated income 100% financing is a thing of the past! you must also understand there are two types of stated deal “Stated income .Stated assets” & “Stated Income Verified assets”. they are refered in the industry as stated stated and stated verified. you dodnt see stated stated anymore there is stated verified but the rates are higher and with stted verified typically you will have to put more money down than someone that is going full doc!
its always a better bet to go full documentation you will get the best deal this way
Student Loan Refinancing
Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.
Home Sauna
In the end, it’s going to depend on the lender…. there are some who will reward clients with excellent credit by giving full doc pricing with stated income verification….
The Loan-to-Value will also play a factor….as will the loan size…. Higher LTV’s or Jumbo loans = Higher rates
Speak to a professional that can have all the accurate information in front of them and then tell you the best way to go about getting what you want. That is the only sure fire way to get definitive answers to your questions.
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