No Income Verification

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No Income Verification

Q:	What is the maximum acceptable debt to income ratio used to qualify for a boat loan?
A:	Most lenders use 45% as a rule of thumb, however certain lenders allow up to 50
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Q:	I am self employed and my income varies from month to month. Do you offer stated income loans similar to what is available when purchasing a home?
A:	Yes, we have the availability to do stated income loan up to $350,000. We also have the option of offering an annual payment loan.
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Q:	Is a no income verification loan the same as stated income loan?
A:	Yes, these loans are very popular and make the turn around process very fast and efficient.
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Q:	Hello, need to know what age of vessels you will finance. What the terms are for an older vessel, say a 1976 42' Post that is in excellent condition via a survey at $127,000.00. My beacon score is around 760 and I have many boat, home, auto, paid off & very little debt. I own my home with a mortgage with Wells Fargo, self employed. Stated income. $30,000.00 down
A:	Dave, We typically will finance boats up to 30 years old and possibly older depending on the condition of the vessel as detailed in a current survey. The maximum term availalbe is 240 months but that will depend on the down payment, condition and loan amount. Our stated income program covers boat loans up to $350,000 and we will be glad to help arrange your boat financing needs now or in the future. Please contact as at 888-656-9400 and ask to speak with one of our boat loan specialists today.
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Q:	I was wondering what your minimum credit score is for no income verification boat loan and what the required down payment would be. Do you have a minimum loan amount? The boat I am trying to purchase is $26,000. I ave a commission job with many write-offs and would be over the DTI requirements.
A:	Heather, Thank you for your questions regarding boat financing. First of all our minimum loan amount is $20,000 and we typicaly require a 20% down payment under our no doc programs. The minimumn credit socre is 720 to qualify for a no doc program. Please let us know if we can assist you with any of your boat financing needs now or in the future.
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Q:	I am interested in the no-income verification loan and need to know if I will qualify. My credit score is around 750, I have 10% down and am looking for a loan of $30,000.
A:	Charlie, We have the capability of making the type of boat loan you are requesting. It is called a stated income loan and you can apply on line using our secure boat loan application. We look forward to assisting you withyour new boat purchase.
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Q:	Hi, I'm starting my search for a sailboat. Looking for a stated-income loan, around $150K,10% dwpmnt, with a 10 or 15 yr term. My FICO average is about 750. Do you have any products which could come close to these parameters? Thanks
A:	Alex, Unfortunately given the current ecomonic conditions we are in stated income loans are very difficult to get right now. I suggest that you apply on line at our secure site and let us see what we can do for you. Thanks.
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Q:	Is there any restrictions on the type of boat? Performance boat or the Power. One example would be a 39ft center console fishing boat with 3 outboard motors or a speed boat with twin motors. Thanks
A:	Rick, While we do not have restrictions on the the type of boat you are considering, several lenders may require more down payment or a shorter term based on certain types of collateral. Additionally, no income verification loans are currently not available. Therefore, you will be required to provide full verification of all sources of income and possibly your liquid assets. Thanks for you question.
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