How to Get Full Home Mortgage Documents

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How to Collect Home Mortgage Documents....5

How to get all the mortgage documents you need when buying a house in this free video on real estate and bank loans.

Part of the Video Series: How to Pick a Mortgage
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Video Transcript

A good credit score or bad credit score puts you in two different categories on how to structure your loan. The first one is full doc. That is people whose income as we stated earlier, can support their expenditures. This is a guy who makes fifty thousand dollars a year, a women makes sixty thousand dollars a year, they can support their car, their house payment and their Visa payments and everything, they haven't missed any payments, they've got a good credit score, they're debt ratio is below forty, they can go full doc. And their credit score is pretty decent. This allows them to get a lower interest rate and this is in contrast to those people that have to go sub-prime, their credit score isn't that good, they've missed a couple Visa payments, all of those put you in a different category. You may even be able to go full doc but your credit score isn't that good, you've missed a couple of Visa's. You may not be able to get the financing you need. What I mean by that is, they're going to refinance at full doc, at 90% because their income supports that. In contrast to a person that has a low credit score but they still can get full doc. They may only be able to qualify for sixty to seventy percent refinancing. And again, this is where your credit score, your income all comes together so yes, you might be able to get a loan but you need ninety percent refinancing but you only qualify for sixty. So this is the difference between full doc conforming and full doc non-conforming. The other one is called stated. This is our people that are exceptional. Their credit scores are in the mid-seven hundreds. We've had people with credit scores of eight hundred. The highest credit score you can get is eight hundred fifty to nine hundred. I've never seen one of those but I'm sure they're around. But we've had people in the high seven hundred fifty, they can go stated. What I mean by that is they can state their income. Their expenditures do not have to meet their outgoing bills. What we can do is we state their income and their credit score is so high, all they have to do is show that they have a job and it's called a verification of employment. The mortgage company calls up, they verify that they're working, their credit score is seven hundred and twenty plus, they don't miss any payments, these people qualify, it's called like a fast and easy loan. They can get ninety percent, ninety five percent refinancing so conforming is credit driven with a lot of mortgage companies and banks.


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