No Doc Loans In The Post Housing Bubble Market

No Doc Loans In The Post Housing Bubble Market

No doc loans are searched for every day by hundreds if not thousands of people. Unfortunately, conventional mortgage lenders no longer offer such programs due to the high rate of defaults after the housing bubble burst. That's the bad news. The good news is there are still no doc loans available for homebuyers.

So just where are these no doc mortgage loans for homebuyers? Actually, they're everywhere. They are called private mortgages from individuals utilizing owner financing in order to sell their home or even commercial property.

So how do I know this? As a private mortgage buyer or private mortgage note buyer, I see private mortgages every day. I also see how they were created and their terms. Most of these owner financed home sales were purchased with 10 percent down or less. Also, and here is where the "no doc" comes in, well over 90% of the loans I see were given with no income or asset verification and no credit check. The reality of it is that these loans are better than the pre housing bubble no doc mortgages or stated income mortgages due to no credit check or mortgage application. But wait! Sorry, I just had to say that. There is even more good news for prospective homebuyers. Most of these loans carry low interest rates. I see 5% and 6% every day, far lower than most pre bubble conventional no doc mortgages.

How does a prospective homebuyer find these great loans? Actually, many are easy to find while others require a bit more work. The easy ones are advertised as "owner financing available" or "seller financing available" in their ad. For the others you can find them either through your local tax office or through a real estate agent. You are looking for homes for sale with little or no mortgage. These are ideal candidates for owner financing. Also, most real estate agents know how much of a mortgage is on the home. As to the tax office, you will need to search for homes that you know are for sale to see if they have a mortgage lien on them. Someone at the tax office can usually help you. You can approximate the seller's mortgage balance by reviewing the terms and initial mortgage note date if there is one.

So if you're fretting over getting a home loan to purchase a home, stop worrying. Just go out there and look for motivated sellers that owe little or nothing on their home and see what kind of deal you can cut. You may just be pleasantly surprised.

POST COMMENT

Before Moving Into Repossessed Houses Many Things Are Wrong With American Housing That Make Going "Green" Prohibitive Lighthouse Seafood New Market Md 5 Suggestions To Get Inexpensive Repossessed Houses By means of Auctions Need To Lower Your Household Bills? Check Out These Five Money Saving Tips Real Estate Investing - Locating Owners of Vacant Houses 10 Keys That Just About Every Household Primarily Based Business Manager Should Implement For Accomp Tips to Paint your House Properly The Easy Way Of Finding Cheap Houses Children Home For The Holidays - How To Make Sure The House Stays Clean Want To Make House Music? Make Your Own Chilling House Music Today! Repossessed Houses: Preventing Your Home From Becoming One Tips To Sell A House Fast In Houston