Private jumbo mortgages can be a great alternative to traditional jumbo mortgages. The advantages to a good no doc jumbo mortgage program is a) A lot less hassle to get, b) Virtually no documentation except for proof of the required deposit, and c) A non-invasive jumbo loan, d) None of those stringent debt ratios which could keep you from buying that dream home. The disadvantages are usually 1) A bit higher rate, and 2) Discount points. So it’s best to weigh the pluses and minuses before you apply.
Advantages and Disadvantages of Private Jumbo Financing
October 20th, 2009Are Banks Still Doing No Income Verification Jumbo Loans
October 15th, 2009In short, No. When the mortgage and housing market collapsed, banks and the big mortgage companies (those still standing) completely eliminated no income verification mortgages and in particular no income verification jumbo loans. The only place to get such a loan is either through seller financing (sellers rarely verify income) or through private jumbo financing such as our programs.
Are Stated Income Jumbo Loans the same as a No Credit Check Jumbo Loans
October 1st, 2009A stated income jumbo loan is NOT the same as a no credit check jumbo loan. Usually, the difference is for a stated income mortgage loan, credit is not only checked to see if the borrower qualifies for the program but credit is THE main qualifier used. On no credit check jumbo loans, there is NO credit check at all. The primary qualifier is proof of the down payment. Also for our no doc mortgage program, there is no seasoning on the down payment required.