Remember “Low Doc Loans?”

clip art megaphone two guys

 

 

 

 

 

Remember “low doc” loans? Well there is something similar:

A community mortgage lender in New York launched a product which may be similar of the “low doc” loans of the past, where borrowers needed little documentation in order to get a loan. Most borrowers and lenders remember the “No Doc” loans….

CNBC reported that Quontic Bank offers is for  “lite doc” loans which requires two month’s bank statements and proof of employment; or self-employed profit and loss accounting for a year. Borrowers can apply for 5 – year ARMS with rates from 5 %.

The reputation of stated income loans often marketed as “low doc”  or “no doc” was tainted following the financial crisis. However, Quontic”s product comes with safe guards including a requirement for 40% down payment and is only available for owner occupied.

Thanks for reading, If you or anyone you know is in need of real estate advice, please do not hesitate to contact me;

Donna Bishop Realtor call me; (239) 560-3149  or  email me; donnabishoprealtor@gmail.com

 

 

 

About donnabishoprealtor@gmail.com

Awesome Service: I make dreams come true. I am a Real Estate Consultant. I place great value on the needs, expectations and goals of all my clients whether buying or selling. By helping they find their perfect solution. I will truly listen to you. I have 33+ years experience in all phases of real estate. I am a Loan Modification Specialist, a Short Sale Expert, and a Successful Negotiator. A certified Senior Real Estate Specialist. Former Owner/Broker of A & B Mortgage Brokers of Fl. Plus a former Appraiser. A Professional Realtor. This experience and knowledge gives me the confidence to advise you correctly. I want you to have an Awesome Experience so you will recommend me to all the people you care about. After all, a referral is sending someone you care about to someone you respect.

Leave a Reply

Your email address will not be published. Required fields are marked *