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If they cant go full doc, chances are their DTI is too high.
DTI was put in a place for a reason. The guy saying 'I can afford it' and him doing so for years on end is a different story.
I did a no doc once for an 80 year old retired veteran who had a furanture refubishing business going on the side.
Problem was he CONVIENTLY forgot to tell the IRS about it -for years.
So in reality his DTI was fine, cept he would have ended up in the crowbar hotel if he disclosed it.
So i took him no doc. At age 80 , after serving our country, he can rip the IRS off all he wants. Hes earned it.
Taking him stated would have opened up tax return iquiries, etc..........
Nobody is going to do a no doc 95% .
However, have you ever considered the guy unloading the property? Or doing a short refi?
If you do a stated loan, you are setting yourself up to have a visit from the cops. I can almost guarantee you that.
They need a bunch of scapegoats and there are going to be arrests for guys pulling stated fraud in the next 2 years.
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