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JoeySeven
Joined: 26 Oct 2005
Posts: 4
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| Posted: Thu Nov 15, 2007 10:09 pm Post subject: Looking for lender for house I own in Oregon |
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Hello
I'm in the market to get a mortgage for a house I own free and clear.
will I still got to pay uncle Sam his yearly taxes.
Credit is good,but I have limit income right now as I'm on disability.
So would be looking for a no-doc or ?
I'm ready to do this loan right now.
Just need to find the right lender or broker.
Email or pm me,if you might be interested
thanks
Joe
State: OR
Est house value 190,000
Loan amount:Around 120,00 to 150,000
Property Type: single house primary residence
FICO Score:744 TO 776
Income from SSDI |
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jrhartman
Joined: 01 Apr 2007
Posts: 107
Location: Michigan
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| Posted: Thu Nov 15, 2007 10:20 pm Post subject: |
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how much do you make each month from SSI? (is it taxed?)
what other monthly debts do you have? |
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wellsman
Joined: 04 Feb 2008
Posts: 16
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| Posted: Mon Feb 04, 2008 3:45 pm Post subject: Re: Looking for lender for house I own in Oregon |
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JoeySeven wrote: Hello
I'm in the market to get a mortgage for a house I own free and clear.
will I still got to pay uncle Sam his yearly taxes.
Credit is good,but I have limit income right now as I'm on disability.
So would be looking for a no-doc or ?
I'm ready to do this loan right now.
Just need to find the right lender or broker.
Email or pm me,if you might be interested
thanks
Joe
State: OR
Est house value 190,000
Loan amount:Around 120,00 to 150,000
Property Type: single house primary residence
FICO Score:744 TO 776
Income from SSDI
Most lenders have a doc relief program, and with your credit scores I don't think they would ask for documentation. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Wed Feb 06, 2008 3:21 pm Post subject: |
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| While Tom is right, that auto-doc feature will only come up if the loan is a very low risk. You're looking for a no-doc or no-ratio because of your limited income (Keep in mind that since it is not taxable it can be counted as 125% of the actual amount) and those are increased risk these days. On top of that, you're pulling cash-out. If your ratio is fairly high and you're going over 70% of your value, I wouldn't anticipate getting an auto "reduced doc" from a decision engine. |
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prestonian
Joined: 19 Sep 2006
Posts: 15
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| Posted: Sat Apr 12, 2008 9:56 pm Post subject: |
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HI Joe,
This is Marshall from profolio Home Mortgage i've been to such scenarios that you've now and was successfully able to do loans for my borrowers. If you would be interested in making this happen call me on 8662075340 extn:1103 monday to friday 10am to 7pm CST.
Thanks.
Marshall |
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UniqueMortgageGroup
Joined: 15 Apr 2008
Posts: 2
Location: Los Angeles California
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| Posted: Tue Apr 15, 2008 7:46 am Post subject: Re: |
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| It all depends on how much cash you want to withdrawal and what your credit score is. |
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lokkesmoe64
Joined: 26 Apr 2008
Posts: 4
Location: all states
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| Posted: Sat Apr 26, 2008 3:51 pm Post subject: |
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I would try to keep the loan amount at 50% ltv if you are looking at reduced doc that is still approx. 80K out of the home and you will not bury yourself with a mortgage payment.
cheryl |
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