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mnorris80
2432 Posts |
 Posted - 03/26/2006 : 7:10:11 PM
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Well, never had one like this:
This guy is retired and just has TONS of money in stock accounts with Scott Trade and all kinds of stuff at the bank. Money market accounts, CDs, etc.
To avoid obscene amounts of documentation, I was wanting to do this stated or no doc. I've never done a no doc loan, but I imagine he's going to qualify, but pretending for two seconds that he doesn't how exactly do you state this income on a 1003? I mean, do I just put "retired" as his employment, the length of time, and the annual income from it?
Probly he'll just be alright for no-doc when I pull credit though, but I thought I would ask. |
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shizah
509 Posts |
Posted - 03/26/2006 : 7:21:04 PM
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Matt,
I did a loan exactly like this. I had a guy a couple months ago that had millions and millions of $'s. He was making $30k a month off just one of his accounts as dividend income. I did take him stated and just used the $30k. I could have done more because he has other income coming in as well. This covered me so to speak so I did not get crazy with stating the income. I put that he was retired on the 1003 . The only thing I had to do was get a letter from one of his financial advisors stating that if he had to, he could liquidate this one account.
Mark |
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