I am currently unemployed, but looking. Did anyone get a mortgage with out an income check? Was it hard? How much higher was the interest rates? Thanks!!
MrsTC
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Re: Did anyone get a mortgage with no income check??
We got ours through 'stated income'. They did not check either mine or my husband's - it was weird. But we got it lol The company we used is First Mutual.
eta: Our rate is 6 1/8.
jessnjoey
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Re: Did anyone get a mortgage with no income check??
ours is a no income..you have FM
Boop2704
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Re: Did anyone get a mortgage with no income check??
Posted by MrsTC
We got ours through 'stated income'. They did not check either mine or my husband's - it was weird. But we got it lol The company we used is First Mutual.
eta: Our rate is 6 1/8.
What is stated income??
MrsTC
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Re: Did anyone get a mortgage with no income check??
You 'state' what your income is. I guess maybe the mortgage company does some sort of background check. But I work in HR and no one from the mort. co. called me or anyone in my dept to confirm my salary!
Jo Ann
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Re: Did anyone get a mortgage with no income check??
A Stated Mortage from what I understood was that you tell the mortgage company what you make and it is based on ur length of employment with you current job and you credit score. I think it also has something to do with the amount of ur downpayment.
I couldn't qualify for a mortgage worth anything with FH since he is off the books and they ran a credit report on me and all of a sudden I was approved bymyself for a $450,000 mortgage. I don't know how on earth I could afford toilet paper after paying the monthly payments but I got approved for it.
heidla
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Re: Did anyone get a mortgage with no income check??
A Stated Mortage from what I understood was that you tell the mortgage company what you make and it is based on ur length of employment with you current job and you credit score. I think it also has something to do with the amount of ur downpayment.
That is correct. A friend of mine got her place this way. You do sometimes have to put more money down. I believe they put 30% down instead of 20%.
anjerandunder
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Re: Did anyone get a mortgage with no income check??
i thought it was weird to not supply anything but i'm in the process and they said because our credit was so good and we had a nice size downpayment we didn't need to show proof..it sounds sketchy to me but hey whatever gets me the mortgage..we went with wells fargo
vhollo01
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Re: Did anyone get a mortgage with no income check??
I think Fleet doesn't check income
MrsTC
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Re: Did anyone get a mortgage with no income check??
Posted by heidla
A Stated Mortage from what I understood was that you tell the mortgage company what you make and it is based on ur length of employment with you current job and you credit score. I think it also has something to do with the amount of ur downpayment.
That is correct. A friend of mine got her place this way. You do sometimes have to put more money down. I believe they put 30% down instead of 20%.
