A NEW INCOME

A New Income Q&A

Q: I live in so-cal, i wanna get a loan to buy a house (stated income), whats the lowest down payment possible?

Say on a 350-400k house. All these real estate agents refer me to different loan officers who area all telling me different things... some say i can put 0 down, and others say "its a new law, you must pay 20% down with stated income".... so does anyone know?

A: In today's market, it is exremely difficult to get a "No Doc" loan if you do not have 20% for down payment. Can you find one with less? Sure. But odds are you will need to contact several (10 or more) lenders and when you do find one, expect to pay *at least* 2% higher than comparable loan with documented income. ***** Ignore all of the answers that tell you to contact a lender via a yahoo or gmail address. Any legitimate lender will at the very least spend the $10 it costs to register a domain. These emails are notorious for being avenues for identity theft and mortgage fraud.

A New Income Q&A A New Income