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Posted on 7/21/14 at 6:33 am to C
The no-income-no-asset, payment option ARM type loans are nowhere to be found. Jumbo/Alt-A lending is thriving but crazy loans like the Non-Owner-Occupied 80% LTV from places like Lehman simply don't exist any longer.
There was a time where Wells would underwrite you with a simple written rental agreement and consider it income as a part of refinancing and income documentation. They would not ever call to verify, ask for stubs from rent, etc.
4506's from the IRS used to be requested, instead of 4506-T's. Much much different. Folks could use stated income loans and qualify for 100% financing with verification they held an hourly wage on a simple call to their employer. No provision of their checkstub. With a 580 credit score.
We live in a different lending universe today.
There was a time where Wells would underwrite you with a simple written rental agreement and consider it income as a part of refinancing and income documentation. They would not ever call to verify, ask for stubs from rent, etc.
4506's from the IRS used to be requested, instead of 4506-T's. Much much different. Folks could use stated income loans and qualify for 100% financing with verification they held an hourly wage on a simple call to their employer. No provision of their checkstub. With a 580 credit score.
We live in a different lending universe today.
This post was edited on 7/21/14 at 6:36 am
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