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expo
Joined: 25 Sep 2006
Posts: 2
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| Posted: Mon Sep 25, 2006 10:17 am Post subject: No doc loan? |
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Hello,
I'm 21 years old and I'm self employed. I've only been self-employed for a couple months although im on track to make 50k this year.
I have previous continual employment for 3 years, but my income was much lower $35k...
I'm looking to purchase a condo that is selling for about $260k
My fico is 776 although my history is short due to my age. I don't have any other debt.
What is my best option here?
My parents would probably be willing to help with a down payment (maybe upto 20%)
Should i apply for no-doc? Or standard with my parents as co-applicants?
Any help is appreciated
TJ |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Mon Sep 25, 2006 2:48 pm Post subject: |
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If their income is sufficient to support your debt (yours won't be included at all with such a short time) then you could do a conventional loan easily with 10-20% down. The requirement is 10% if they are not going to live in the property.
Or, you can do a no-doc loan which will have a slightly higher rate, usually 5% down, and you will be on the loan yourself.
Where is the property? |
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expo
Joined: 25 Sep 2006
Posts: 2
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| Posted: Mon Sep 25, 2006 6:17 pm Post subject: |
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property is in california, do you think i would qualify for nodoc with such short credit history? although my fico is 776
TJ |
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DallasLoanGuy
Joined: 26 Sep 2006
Posts: 169
Location: Dallas, TX
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| Posted: Tue Sep 26, 2006 2:25 am Post subject: |
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you will need about 4 good trade lines on your credit report. at least 2 should be significant.... $2500+
all need to be open 24 months.
guidelines vary, so if you are pretty close to this, talk with a loan officer
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