NO DOC LOAN
Introducing…NEW and very exciting! EASY to qualify!!
JFK REALTY & LOAN DEPOT INC. is one of the first independent mortgage companies in the country to offer this new No Doc mortgage program enabling consumers to purchase homes with NO docs, 30% down payment and a minimum FICO of only 660.
Down Payment: 30% down payment
Wage Earner: NO W-2 or Paystub
Self-Employed: NO Tax Returns
FICO: 660 Minimum
Loan Amount: $2,500,000 Maximum
Bankruptcy/Short Sale/Foreclosure: 3/2/5 years (respectively)
Verification of Deposit (VOD) – Accepted
Business Funds – Accepted
100% Gift – Allowed
Modified or Restructured Loans – Allowed
Foreign Nationals – Allowed
Terms: 7/1 ARM* (7/1) or 15-Year Fixed or 30-Year Fixed
REASONS TO LOVE THE IDEA OF A 30% DOWN PAYMENT:
Often considered the “ideal” down payment (or the “gold standard”), a 30% down payment can have significant financial benefits.
The Consumer Financial Protection Bureau (CFPB) Changed The Rules!
New “Qualified Mortgage” rules were issued by the Consumer Financial Protection Bureau last year. Now, home buyers will have to meet a 43% debt-to-income ratio. That means that after you add up mortgage payments, property taxes and other debts (like revolving credit card balances, car or student loans) your total debt has to be less than $43 for every $100 in income you earn per month.
A Smaller Monthly Mortgage Payment!
Who doesn’t love to pay less? More money down means you borrow less, which means you will have a smaller mortgage, which means you will always have a smaller, more affordable monthly mortgage payments.
Contact Us for more information on the No Doc Loan.