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No doc loans were popular in the early 2000s, but were largely phased out following the subprime mortgage crisis. Low-doc loans carry a higher interest rate and were theoretically available only to borrowers with excellent credit and additional income that may be hard to document (e.g. self-employment income). As of July 2010, no-doc loans were ...
Typical Super Jumbo mortgage LTV maximums range from 80% to as low as 50% depending on loan amount and credit scoring. While 100% or "No Money Down" financing was available up to $2,000,000 until February 2007 from several of the leading Super Jumbo Mortgage Lenders, as of this writing [when?] none are currently able to fund LTV ratios higher ...
Very few lenders will finance a loan for 100% of your home equity. Most legitimate lenders allow you to access up to 80% or 85% of your home’s equity, depending on your credit score and the lender.
Fannie Mae's charter has historically prevented it from guaranteeing loans with a loan-to-values over 80% without mortgage insurance or a repurchase agreement with the lender; [9] however, in 2006 and 2007 Fannie Mae did purchase subprime and Alt-A loans as investments.
For example: if the borrower's house appraises for $415,000 and they wish to refinance for the amount of $373,500 – the LTV ratio would be 90%. The lender also may put a limit to how much the LTV can be – for example, if the borrower's credit is bad, the lender may limit the LTV that the borrower can loan. However, if the borrower's credit ...
To reduce the lender's credit risk, the lender may perform a credit check on the prospective borrower, may require the borrower to take out appropriate insurance, such as mortgage insurance, or seek security over some assets of the borrower or a guarantee from a third party. The lender can also take out insurance against the risk or on-sell the ...
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