how to qualify for a no documentation loan??please help

[indiamacbean]

Hi,
I am considering buying a house in Pittsburgh but would have to do it with a loan that would allow for no documentable income (as I just quit my job and am starting school in the fall). I can put up a 20% down payment,have good credit and my mom would cosign the mortgage. My questions are as follows:
1. Is the interest rate much higher for these types of loans?
2. Will a cosigner help close the deal?
3. Should I be upfront about my status as a student with no income or should I tell the broker something different.
4. Are these loans very hard to qualify for?
5. When I talk to brokers, should I tell them upfront that this is the type of loan that I am interested in?

thanks again for anyone who can help me out with these questions. cheers

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[mpp]

I got a no-doc loan through Countrywide. I didn't really have to ask for it specifically. I called them, explained my situation (I have a lot of cash to put down, very little real income from a part-time job, plenty of income available from student loans). They took my social security number and approved me for $180,000 in about 10 minutes. I ended up with a 7 year ARM at 4.875% (that was several months ago so you can probably do better now as rates have come down since then). Don't know anything about having a cosigner but it probably wouldn't hurt. Good luck.

 

[birdie]

So if I haven't worked since two or three years, am I gonna have a hard time qualifying for loans? I am a dependent and my parents support me.