Steve Currington: This is stevecurrington.com and the Steve N’ Tyler Show Episode number 62.
Narrator: Welcome to the Steve N’ Tyler with stevecurrington.com and Tyler Weiber.
Steve: Who negotiated a contract for you?
Tyler: A Realtor.
Steve: You’re pretty smart Tulsa mortgage.
Steve: Good for you man.
Narrator: They’re talking about everything you need to know about mortgages, home loans, and more. Nobody knows mortgages like these two. Get ready because here’s Steve and Tyler Tulsa mortgage
Steve: Tyler, it’s too early in the morning to do podcasts.
Tyler: Yes, it is.
Steve: It’s like early in the morning. Tulsa Mortgage starts early for stevecurrington.com and Tyler Weiber. Don’t trip people. That’s just what it is. Today we’re talking about providing documentation for your loan. What types of documentation that the automated underwriting systems might require that you provide. Right, Tyler?
Steve: There are situations where you might get approved to do a limited doc loan which just means that maybe you’re currently in a loan that you’re doing a rate in term refinance. You’re lowering your rate. You’re lowering your terms. You’re a W-2 employee. Your credit is good. Your loan-to-value is low. They might just give you limited documentation. What does that mean Tyler?
Tyler: In those cases you’ll need two years tax returns. Maybe in this case you’ll only need one.
Steve: Yes. They only need one. Maybe I don’t even need tax returns. Yes, you’ll always will. Then the other thing is funny because it’s like we find these, I keep saying this but if you’re only listening to this podcast you’ll get this, we find these resources online just like everybody else finds resources online. It’s so funny because you can kind of look at like when things were written because this says loans begin with degrees of documentation or are called full doc, low doc, no income, no asset NINA, stated income, and finally Nina with no employment. No income, no asset, no employment.
I’m going to tell you guys something okay? This information is long time old. We don’t do, there’s some stuff coming back, but we don’t really do Nina with no employment.
Steve: Anymore. You’re not going to borrow, not a Fannie Mae insured loan anyway. There may be some private money out there where you can just get a pulse and get them a loan, but that ain’t really happening anymore.
Tyler: If you call me and you want to talk about the Nina, then let’s talk about the Pinta and Santa Maria [laughs] because that’s the only Nina we’re talking about.
Steve: Tyler, say that again with Lynyrd Skynyrd in the background. [music] Now say that again.
Tyler: If you’re calling to talk about the Nina, let’s talk about the Pinta and the Santa Maria.
Steve: This is the Pinta and the Santa Maria, because you’re not getting a Nina loan people. No Nina here. You can get Nina Mawby. She’s my friend. My buddy Anthony’s wife is Nina.
Tyler: That’s all you’re getting.
Steve: That’s for you Nina if you’re out there listening in podcast world. Yes. There may be some times when you get like a limited documentation loan, but this is really kind of funny because it goes through all the, it’s just refund timing. I just, look, by the way everybody if you’re listening. If you’re going to get a Tulsa Mortgage, you’re not getting no income, no asset, no employment, but let’s just look at from back in the good old days and when everybody wonders why there was a mortgage meltdown. Don’t blame Steve Currington, the mortgager, because I work in the business at the time. These are programs that were offered across the board.
It’s like getting mad at someone because they bought premium gas. Then you find out two years later, the premium gas is bad. These programs were for sale for tulsa mortgage a long time. They were in our product mix. We had them. People ask for them. We gave them to them. Right?
Steve: Maybe I did a loan for a guy that worked at McDonald’s and we stated his income and said he made 10,000 a month. Maybe that happened. The program allowed it. I’m just doing– I’m not guilty. Not that guilty. [music] Okay. This is the best song to talk about Nina too. Okay. I didn’t know what that song is.
Tyler: It just said it too, “I got no money.”
Steve: That’s right. It’s perfect then, I guess.
Tyler: It’s perfect.
Steve: What do you think about it, no income, no assets, no employment. I’m not kidding. I ain’t got no money. I don’t even know. Not like there’s other guys here tulsa mortgage hanging around. You’ve got to have a job to get a mortgage nowadays people.
Tyler: Yes, and you have to prove it.
Steve: Why do you have to prove it, Tyler? [laughs] Why do you put all these requirements on people?
Tyler: So that we can make sure you’re going to pay it back.
Steve: Don’t put all these requirements on people that are just trying to go along their way and get a mortgage bro. All right. There are mortgage loan programs that just ask that you have a decent credit and about 25% down. No– I want to be your lover. That’s what it says, but I ain’t got no money. I don’t have a job. I want to be Nina’s lover.
Tyler: Back in the day you could’ve bought a house.
Steve: You could’ve. You might even find them, somebody to support you.
Steve: They could pay your Tulsa mortgage for you if they want to. There are mortgage loan programs that just ask you to have decent credit and about 25% down no job, no income, no asset required. Just show up for closing. [laughs] You laugh, we laugh. It’s like–
-but it happened, okay? A lot. Ain’t going to lie. Ain’t going to lie, Tyler. It happened a lot. It’s kind of funny to kind of like reminisce about that because we really do. You know what, Tyler, here’s a loan program that was a bad idea. Are you ready? These is my favorite one. I’ve been holding this in the vault since like 2008. Nate, in the studio, listen to this, this is my favorite loan that no one should’ve ever done. Are you ready?
600 credit score, which is not a good credit score by the way if you’re out there and listening. If you have a 600 credit score, do not call Steve and say, “I think I have a pretty good credit, I have a 600.” No. That’s not a good credit at all. It’s a 600 credit score. It’s 100% loan. No down payment. It doesn’t matter if you’re a first time buyer, investment property. You got that 600 credit score, no money down, investment property, stated income. Do you hear that Nate? I can state my income, I can buy an investment property, I can put no money down, and I can have a 600 credit score.
Those loans defaulted.
Steve: I’m just going to tell you. Because tulsa mortgage people that didn’t even own a home that were buying rental property to rent out. What do you think happens the first time the renter don’t pay? They pay their rent, and they don’t pay the mortgage on the house.
Steve: It’s funny. You laughed at it, but really, we were doing those all day long. I mean, “Hey man, you get a 600 credit”. It was just like literally heartbeat it. Yes, they’re good. All right. Put them in there. We’re good. We’re good. Anyway, it’s kind of fun to kind of laugh about that.
Tyler: What was the interest rate loss around then.
Steve: They weren’t bad. They’re like seven percent.
Tyler: Yes. Not terrible.
Steve: Seven to eight percent. Back then that was where rates were, they weren’t much worse. Let’s go over what the reality is right now on what you have to have basically regardless of what loan program you get. Ready? Full documentation. No secret. Here’s what it is. The loan is documented via third party completely. That means employments verified by the previous years W-2’s, tax returns, tax transcripts, recent paycheck stubs, verification of employment. This is mailed to the employer.
Hey, back before fax machines and electronic mail, we used to mail your verification of employment. Actually right now we had to mail a verification of rent to a guy.
Tyler: Yes. We did.
Steve: We had to mail rent, a verification rent, mail it like snail mail. Hey, we had one a couple of months ago, that was like 20 minutes from our office and we had to FedEx them their loan documents.
Tyler: Remember, I had to go to a lady’s house to get a verification of rent Tulsa mortgage.
Steve: That’s right.
Tyler: Yes. That’s what I do for people.
Steve: That’s what Tyler does. Today, we’re going to get done with the podcast and we’re going to literally go door knock in the neighborhood just to get a HOA letter from someone.
Tyler: Yes. No kidding.
Steve: That’s going to be fun. All right. We’re talking about full documentation though. This document and full third party completely, employment, previous years W-2’s, tax returns, tax transcripts, recent check stubs, verification of employment, is emailed to the employer fax. Then we get to how long you’ve worked there, how much you make? Do you get over time? Is there a history of overtime? Is overtime likely to continue? Do you get bonus? Do you get a commission? We have to know all these things. Assets we have to verify. We have to get a verification deposit. We have to have two months of bank statements. There’s no- cutting of corners man. The only thing I can tell you is you need to get with a Tulsa mortgage lender who does what Tyler? This, I will tell you. I’m not even going to let you answer because I got this loaded up, this is ready, you’re ready for this? You’re ready? [music plays]
Get with the lender who asks for everything upfront.
I’m not going to play that whole song but [background music] Transformers are here and I’m here to tell you if you get with a lender that asks for everything up front, you’ll be happier. You’ll close faster. Everything will be better. Hallelujah. [laughs] It will be great Tyler.
Tyler: It is a much easier process. That’s for sure and we’ve seen the proof.
Steve: I want to play that song every morning when I wake up, that needs to be my alarm. Hey I bought that Amazon Echo and it has like what’s her name?
Steve: Alexa, and I told Alexa to set my alarm to be what’s his name?
Steve: Alec Baldwin, and I was playing around it at the office and Alec Baldwin started screaming at me middle of the day [laughs] when I was on the phone but this was a great game to play. [background music] Listen to this, if this was your alarm [background music] this is how we get full documentation, it makes it easier on you. You don’t have to worry because you got it upfront like the lady brought in all of stuff yesterday and she says, “is there anything else you need?” I’m like, “Nope, every time you get to pay stuff, send it to me. Every time you get a bank statement send it to me.” It’s not rocket science.
Tyler: I actually had a AUS surprise the other day.
Steve: What is an AUS?
Tyler: Automated Underwriting System.
Steve: What was it Tyler?
Tyler: It was a for income you could use pay stubs and W-2’s or verification of employment.
Steve: Right. You know why they do that?
Steve: Because they’ve been on their job for two years. So if you’ve been on your job for two years they give you that option because they don’t have to verify if you– and it probably said this and if you are using base income only to qualify, did it say that?
Steve: Go back and read it. [laughs]
Steve: Because if it says you can use that, if you are only using the base income to qualify, they’ve been on their job for at least two years, you can get W-2’s and the pay stub, 30 days pay stub or whatever. It gives you that choice. Not bad. Or you get a verbal verification of employment Tulsa mortgage because a five year pay stub and you’re making 12 bucks an hour and that’s what I am qualifying you on or 20 bucks an hour ,whatever or you get bonus and overtime and I’m not even using that, I don’t need a verification of employment from employer because your pay stub legitimizes that because it’s a check stub and I can see. With one month of check stubs I can see that’s consistent right?
Steve: As long as I see that you are working the number of hours that are required to work. So, what we talk about today is what if some of the documentation that I have I can’t provide? Here’s the thing, sometimes there’s stuff you don’t have and that’s cool but here’s the thing, people tell us that all the time. I mean, I’ve been doing this for a long time so just be careful because when you tell your lender you can’t get something or you can’t provide something, we can probably go find it Tulsa mortgage.
Tyler: Yes, we can get it.
Steve: We had a guy that said he didn’t have a divorce decree and he didn’t have a child support order.
Tyler: That took us ten minutes Tulsa mortgage.
Steve: We found it and he was like, “Uh, okay” so we found it. Now he wasn’t paying child support, I mean it didn’t matter, but we had to have that to prove that he wasn’t and he was saying he can find it.
Tyler: Or a common thing, tax returns, W-2’s. I don’t know. Some people don’t keep track of their personal records for some reason, I don’t know but, personally, I do.
Steve: But we can track them down.
Tyler: We can get them.
Steve: We can track them down. So given the lender, tells the mortgage lender that’s going to ask for all the documentation at front, make it a little bit easier on you in the process. I’m stevecurrington.com, you’re listening to the Steve N’ Tyler show. Find us at email@example.com. stevecurrington.live and on iTunes so if you are listening to us on the web go to iTunes, download it to your internet phone, your smartphone and listen to our Podcast. We’ll have a bunch of them and that’s all we got for today people. [music plays] We out Tulsa mortgage.