Go to Jeff Salisbury LWGate Home Page.From: Howard I Cohen <hic@mediaone.net>
Subject: Mortgage without a credit check
Date: Thu, 21 Jan 1999 00:15:40 -0500
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Date: Thu, 14 Jan 1999 10:33:40 -0500 From: Steven Klein <SKLEIN@snm.org> Subject: mortgage question Mortgage question: Is it possible to get a mortgage without doing a credit check, if so how much does one have to put down for a deposit? Dear Steve: A lot of things are possible. Like it's possible that Henry Hyde will get down on his knees and ask Bill to forgive him. But don't hold your breath. Regulated banks live in the shadow of the S & L debacle of the 80's where "casual" credit checks, and over appraisals blew up and cost America $500,000,000. Most banks are careful to a fault. The matter of down payment typically influences rate, and a requirement for PMI (Private Mortgage Insurance) when your DP is under 20 %. Maybe if you had a big down payment available, like 50% or more and the bank was swimming in money, and you wore a 3 piece pinstriped suit and attended lodge meetings with a banker, or was the Governor of your state you could do it. I've done 6 Refi's in the last 4 years, and I'm still asked for my last three months bank statements. Evidence that I still have income. Also when we are into a new year I have to provide a copy of my last tax returns. But seriously, there may be regulations that require a bank lending other peoples money to dot all the Is. What are your numbers and what would be troublesome in a credit check? There is often more than one way to skin a cat. Howard And maybe - -
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