Posted by Shawn on February 16, 2000 at 23:36:57:
Some lenders have true no doc loans. But generally you will need a 680 credit score or better. Your chanes are better if you are W-2’d and not self employed. The highest percentage they will usually lend is 90%. I work for a mortgage broker and I can tell you this is not an easy loan to get. As for FHA assumable loans, they almost don’t exist anymore. FHA does not deal with investment property and will not just let anyone assume a loan anymore. You will have to get approved with the lender to get that loan(which is basicly a standard purchase). You do have other options however. I am not sure what kind of properties you are interested in but you could do a lease option on an investment property at the loan payoff price, fix up the property and get a loan on the property in 6-12 months depending on the lender. The lender will treat the loan as a refinance and go off the current appraised value, which means no out of pocket money for closing cost and no down payment. If you select the right property you will even be able to get cash out of the property during the refinance. This type of loan can be done on any residencial property. Just remember to pay the lease (mortgage payments) by personal check so you can prove to the lender that you have been paying in a timely fashion. They will not except anything else. Their are other ways to get the same results, but this is one of the easiest. Hopefully this was of help to you.