I need advice

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[Bruce Brown]

How far out are you from closing?

Even though you've been told that you qualify for reduced documentation, I assume in your case it isn't necessary - is this assumption correct?

Going with a broker should not cost any more than a bank and in many cases can be different. You will find that many brokers offer wholesale rates which are better than a banks retail clients can get when walking in off the street.

Shopping GFE's is really pretty easy if you know what to look for. The difficult part can be trying to determine the best GFE based upon rate/fee combination. This is the reason I asked the question above about when you want to close. You may find that one lender offers a 1/8% lower rate but has more in fees. We can easily determine for you which of these is best.

The big issue is making sure that any rate quotes you receive are obtained at the same time on the same day, as rates change frequently throughout the day. To get different GFEs from multiple lenders even a day or two apart is not comparing apples to apples. If you have the GFEs and have the capability I'd post them here for comment.

Going with a true No Doc loan would be more expensive, but I doubt that is what has been suggested. I'm certain the comment regarding Wells Fargo was regarding what we would refer to as "Agency SISA" which is Stated Income Stated Asset that Fannie Mae or Freddie Mac will purchase on the secondary market. Another common term mortgage lenders use for these is Fast and Easy or Quick and Simple. Basically, with high enough credit scores and an acceptable loan-to-value they will accept your application income and assets. They still verify your employment so it isn't what we would truly consider a No Doc loan.

[Bruce Brown]

One additional thought on your situation, currently, the conforming loan limit is $417K. That is about to change in a few days however and we'll know more about what those changes are because they will be market specific. Since you're in Hawaii, it is likely to affect you and it may happen that the amount you want to finance will be considered a conforming loan.

This will be a benefit because you will be open to better loan terms than are currently available for jumbos.

When replying, you should also let us know what the expected appraised value will be for the house.

Also, how long have you owned the land? This is another important consideration in determining how to structure your loan the right way.