I know this typically doesn't happen so before you flame, chill but a while ago (before I was interested but after the subprime collapse) I heard someone talking about a walk in bank doing 97% mortgages for people and all they had to show were 2months of pay and have decent credit obviously. If anybody knows of a bank still doing this let me know because typically you have to go by last years w2 income.

6/23/2008 9:30:45 PM

This sort of thing is very lender dependent. It also depends on things like your credit, your down payment, any additional collateral or assets, etc...

6/23/2008 9:32:26 PM

if you have the assets your job doesnt even matter..

you'll have to shop around and it depends a lot on your down payment and assets, etc

pretty much what ^ said already

6/23/2008 9:36:57 PM

SECU doesn't seem to care how long you've been there.

6/23/2008 9:47:54 PM

I think it's more important that you have job security, and that you've got a good credit history....

But definitely down to the specific lender.

6/23/2008 10:13:27 PM

Quote :

"I heard someone talking about a walk in bank doing 97% mortgages for people and all they had to show were 2months of pay and have decent credit obviously."

that's pretty much why we're in the mess we're in now....

6/23/2008 10:58:28 PM

no its not at all^

this isn't predatory lending and its not liar loans either.

6/23/2008 11:50:53 PM

SECU might be able to finance a 100% mortgage, depending on your situation. It's going to be at a higher rate, though.

6/24/2008 12:02:27 AM

Quote :

"It's going to be at a higher rate, though."

a higher rate because of the lack of work history or because its 100% instead of 90%?

6/24/2008 12:24:53 AM

i had just under 2 years work experience when i bought my house and i basically had to give the bank my first born to get a loan

im obviously exaggerating but i did have to send them a transcript proving i was in college previous to my job and i also had to have letters from my employer confirming i was moving to the new city and confirming my salary and all that since i was in the middle of a move, the lender wanted to be sure i actually had a job when i got there. i also had to provide account statements for all the moneys i have up in places but thats normal

every lender IS different but i was an ideal loan candidate with impeccable credit, legit job and more assets than most people my age

6/24/2008 1:57:22 AM

i can do loans with only 60 days of new work... there will need to be good reason why you were out of work, but normally solved with a letter of explanation.

i go up to 97% for that as long as you have a 680+ credit score.


LTV would drive the rate, NOT something like how long you've been employed.

6/24/2008 7:29:14 AM

why does anyone respond to the daire/Howard's threads?

6/24/2008 9:07:41 AM

Quote :

"no its not at all^ this isn't predatory lending and its not liar loans either."

are you kidding? non-doc loans and highly leveraged loans are exactly why we're in the mess we are in. Your ignorance in the matter is extremely discouraging and goes a far way to showing how much you shouldn't be buying a house. Wait a year and save towards a down payment.

btw: rolly eyes (especially to somebody who does know what they are talking about) isn't going to get you better advice


[Edited on June 24, 2008 at 9:03 PM. Reason : ps]

6/24/2008 9:02:52 PM

Quote :

"i had just under 2 years work experience when i bought my house and i basically had to give the bank my first born to get a loan im obviously exaggerating but i did have to send them a transcript proving i was in college previous to my job and i also had to have letters from my employer confirming i was moving to the new city and confirming my salary and all that since i was in the middle of a move, the lender wanted to be sure i actually had a job when i got there. i also had to provide account statements for all the moneys i have up in places but thats normal every lender IS different but i was an ideal loan candidate with impeccable credit, legit job and more assets than most people my age"

thats pretty crazy. i walked in a few days ago, plopped down 2 paystubs, my w2 from last year, and a statement from my 401k account and they basically approved my loan in 15 minutes.

[Edited on June 24, 2008 at 9:27 PM. Reason : been at my first job for 18 mo now]

6/24/2008 9:26:57 PM

yeah, i just had to do a thing about assets and a letter with a job offer and i was approved

6/24/2008 9:29:09 PM

^ and ^^ out of curiosity who's originating and servicing these loans?

6/24/2008 9:34:22 PM

mine was through a small local bank (Randolph Bank)

6/24/2008 9:35:54 PM

back in Jan/Feb this year I got a 95% LTV on a 195K house w/ only 3 months in a steady job making <$30K

30yr fixed @ 5.375%

good credit goes a long way, it can be done

6/24/2008 10:10:50 PM

oh i should have mentioned my loan was 100% financed. i put $0 down

thats why i had to jump through all the hoops but i did and got what i needed.

i pretty much got my house for $2000 in closing costs




fixed rate, no adjustable rate and my terms are all legit. made out like a bandit.

i got my mortgage through the builder, pulte homes. they sold it and now chase holds the note.

6/24/2008 10:17:32 PM

I'd be terrified and wouldn't be able to sleep at night if I had a 100% loan. I'd be way concerned about having no cushion or swing room if and when prices depress...

[Edited on June 24, 2008 at 10:28 PM. Reason : ]

6/24/2008 10:26:59 PM

^ I hear you man, I don't understand it either.

6/24/2008 10:28:26 PM

^^^ we bought a new pulte townhome last year - they've been great

we had to provide some of the same paperwork that ncsuwolfy did i think - we were living in raleigh but moving to atlanta for my wife's job since i'm 100% home/travel with no office and they wanted a letter from my job saying i still had a job regardless of the move - i'd been there for enough time for them to not need any past work history though - since my wife technically started her job after we closed she wasn't able to include any income or offer letter or anything like that

we didn't do a 100% loan though - we ended up putting about 10% down

6/24/2008 10:30:11 PM

mine was through a decently sized chain bank. i am willing to put 10% down.

6/24/2008 10:31:56 PM

not worried about swing room

my company will likely move me in 4-5 years and

1) they will buy my house if it doesnt sell within 90 days
2) they protect me from a certain amount of loss on my home since my move would be job related
3) i have great job security. no matter if the economy is up or down my job is needed and has been around for more than 50 years & in order to get fired from my company you pretty much have to watch porn in front of god and everyone, steal thousands of dollars or sexually harass someone in front of god and everyone

i have plenty of money saved up and i make two payments a month on my mortgage

pretty much sleeping like a baby

6/24/2008 10:36:25 PM

well that sounds awesome!

I don't think most people who do 100% down can say the same though

6/24/2008 10:53:28 PM

yeah i have a unique situation

but i still made an educated decision

6/24/2008 11:00:42 PM

^^^man that's awesome where do you work?

6/24/2008 11:05:40 PM

caterpillar

go go construction equipment, etc.!!!!!

6/24/2008 11:10:44 PM

Quote :

"plopped down 2 paystubs, my w2 from last year, and a statement from my 401k account and they basically approved my loan in 15 minutes"

Same here. As long as you were going to school before your job you should be fine.

6/25/2008 11:52:15 AM

My worry is what will be used for my dti. My w2 is going to show incredibly low income from when i was working during college. I want to you my new job income which I have only been on 2 months. I've been working over 2 years straight but the income is what has just changed.

Quote :

"are you kidding? non-doc loans and highly leveraged loans are exactly why we're in the mess we are in. Your ignorance in the matter is extremely discouraging and goes a far way to showing how much you shouldn't be buying a house. Wait a year and save towards a down payment. btw: rolly eyes (especially to somebody who does know what they are talking about) isn't going to get you better advice"

You're an idiot. If somebody shows 2 paystubs then its not a non-doc loan. The main reason we are in the situation we're in now is because many people were convinced into getting arms which they would not be able to afford once the rate adjusted. These were profitable loans for lenders to sale so they wanted to do a lot of them, the rates ballooned at the same time home values were falling nationwide so people couldn't sale their homes or get an equity loan or something so they had no option but to be foreclosed.

Another thing (which you have mistakenly thought this was) is liar loans where people state their income and don't have to provide any documentation. They buy a house they might not be able to afford (again just because somebody doesn't have job documentation doesn't mean they can't afford a home) and something changed with their source of money to where they couldn't pay it. Also many people were tyring to flip homes this way but the selling market collapsed at the same time and they were stuck with only 3 months o payments they had saved up to flip it.

As far as job security goes just because somebody has a documented job doesn't mean they will always afford a home. Many of the foreclosures came from people with conforming full doc loans being laid off of their jobs. I already own a house I bought through stated income before subprime went away and I have never missed a payment but my rate is fixed which is most important.

Apparently you've listened to somebody's explanation of the market who didn't have a good grasp on themselves. you took that, and ran with it. Then you come in here on your high horse under the assumption that since I was asking a question, I didn't know anything about this but you severely miscalculated and now you look dumb as a marshmallow.

6/29/2008 12:18:36 PM

Omar, can this be moved to chit chat?

This thread is too stupid to be in the lounge.

6/29/2008 2:01:46 PM

agreed

6/29/2008 2:10:49 PM

done

6/29/2008 4:36:51 PM

in before the move

6/29/2008 4:37:28 PM

what?

6/29/2008 10:18:39 PM

lending tree can find you 4 banks like this

6/29/2008 10:20:04 PM