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; firstname.lastname@example.org