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This article
has been written by David Kanis and Beth Burdick “Mortgages and More” David Kanis and Beth Burdick Mortgage loans available with different types of
documentation Over the past several weeks we
have attempted to educate our readers on the psychology of the mortgage lending
process. To recap: we have discussed the differences between
pre-qualification, pre-approval, and lender commitment. We have outlined
the 3 basic levels of loan analysis. “Show me the money” for down payment
and reserves. Prove your ability (income) to pay the mortgage. And we spent 2
columns discussing the credit worthiness of the borrower. Just remember, “it
is all about the credit”. We have received a number of questions from readers about what
documentation is required to secure a mortgage loan. There as many different
loan documentation scenarios types as there are flavors of ice cream. If we
don’t answer your question this week, check out part 2 next Sunday. Q: We recently moved to
Asheville from Kansas and are currently living with our children. We have
recently purchased a house and our children are encouraging us to close as soon
as possible. We think they have plans for our room. All our documents are in
storage back home. We have excellent credit and live off our pension,
retirement, and social security income. Can we get a loan as simply as we can
get a credit card? A: Yes. You can if you are
credit worthy. There is a new type of loan called a streamline loan. You just
need to sign the loan application and prove that you have had a consistent
source of income for 2 years. Streamline loans are also available for people
with excellent credit and 2 years of consistent employment/self-employment. Q: The last time I applied for a
mortgage I had to rent a U-Haul to bring in all my paperwork. Was this really
necessary? A: You don’t say when you last
applied for a mortgage, but scanners, fax machines and overnight delivery
services have greatly simplified the mortgage application process. Based on the
lender’s analysis of your down payment, assets, income, and credit score
he/she may recommend what is known as a “full doc” loan. Standard
documentation for this type of loan includes:
Q: I know I have great credit
and I have money for a down payment. I lost my job and was unemployed for 6
months. I have recently accepted a new position. Can I obtain a loan despite
previous unemployment? A: Yes. You can if you are
credit worthy. There is a type of loan called a “no documentation” loan in
which no income, no assets, and no employment are disclosed on the loan
application. Naturally a stronger down payment is required for this type of loan
than some of the others we have discussed. To sum up, you need not have
absolutely stellar credit and a big bank account to qualify for a mortgage loan.
Many of the loan options we have discussed are available to borrowers with
credit scores below 620. In some cases you need not have your down payment money
sourced and in some instances you need not even have a job. All you have to do
is explore your options, get pre-approved, click your heels together three times
and say “there’s no place like home”. In between tapping those ruby
slippers together email us your questions for future columns. David Kanis and Beth Burdick combine twenty years of financial management and lending experience. In addition to operating Ashford Mortgage, they teach mortgage and finance classes at the Carroll-Phillips-Cumbie Real estate Institute and at local real estate firms. Contact them at 350-8886 or by e-mail at ashford@mortmoney.com .
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