Bad Credit Mortgage Texas ?
As Greencard Lottery winners we are emigrating to Texas (from UK) within
the next 4 months.
We are in the process of buying a newly built home, but we are having
difficulty finding a suitable mortgage - as we need to start afresh with
US credit rating etc.
A bit of research on this forum had forum members - redlobster, Pulaski
and Fatbrit talk about mortgages for new emigrants.
We have 20% - 25% of the down payment for the total mortgage of the
property we want to buy.
What do forum members think will be the best mortgage for us?
(1) Stated income?
(2) No documentation?
If anyone has first hand experience or recommendations of any tried &
tested
mortgage brokers please point us in the right direction
It depends upon your personal circumstances. Usually, the more
documentation you provide your lender (employment, income and credit
history) the lower your interest rate will be.
No documentation loans are for buyers with good credit. The buyer
provides minimal information and the lender does the rest. No
documentation loans often attract homebuyers who are willing to pay a
premium for privacy, or ease, or have fluctuating income from owning
their own business.
Stated-Income, or Low documentation loans, attract people who work on a
cash or commission basis - people who don’t draw a regular salary. As a
borrower, you will need to disclose earnings, usually for two years, and
might need to show tax returns and bank statements.