The Fed is likely to sound hawkish when it announces an expected rate hike Wednesday and releases its new economic outlook….

The no/low documentation is an interesting loan product that is making a comeback since the financial collapse of 2008.

The basic criteria:

• minimum loan amount is $500,000
• max LTV is 75%
• minimum credit score is 630
• must have cash reserves; the amount of the reserve varies based on the deal
• must have experience investing
• must provide tax returns or forms requesting extension

 

To get started with the no doc loan we will need the following:

• Executive Summary
• Bio on borrower that highlights investing experience
• last 2 years tax returns or extension form
• PFS – (Personal Financial Statement)
• P&L’s on the subject property for last 2 years
• Rent Roll
• last 3 months bank statements
• signed and countersigned contract on the subject property