By the way, it *is* possible to get financing without providing financial documentation. It's called a NINA loan, for "No income, no assets". The catches: (1) They're hard to find; (2) You won't be able to borrow more than 80% of the purchase price, if that much, (3) The interest rates are MUCH higher than normal.
I'd say it's only a good idea for people who have sufficient income or assets, but where the details are invalid for loan purposes. (One example: Someone who plans to sell a large asset overseas in the next year, and who has other loans to cover the mortgage until that event. Of course it's also good for drug dealers. ;) )
Anyway... good luck. If I'm available, I'll be there to help you move.
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momijizukamori
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Date: 2003-08-10 10:02 am (UTC)By the way, it *is* possible to get financing without providing financial documentation. It's called a NINA loan, for "No income, no assets". The catches: (1) They're hard to find; (2) You won't be able to borrow more than 80% of the purchase price, if that much, (3) The interest rates are MUCH higher than normal.
I'd say it's only a good idea for people who have sufficient income or assets, but where the details are invalid for loan purposes. (One example: Someone who plans to sell a large asset overseas in the next year, and who has other loans to cover the mortgage until that event. Of course it's also good for drug dealers. ;) )
Anyway... good luck. If I'm available, I'll be there to help you move.