[meditate89]

In general, poker players will have to pay more for no doc loans b/c it's the only viable option for them. If you have a few years of tax returns, then you might not need no-doc. Again, a good broker could provide more info on this.

I just logged into ING (for the first time in months) and I'm only seeing ARMs... no 30 year fixed. I would strongly suggest locking in a fixed rate, since the payments on your house could increase substantially with an ARM. If interest rates were to go from 6 to 8% for example, you could be left with a substantially larger monthly payment. (IE going from 1350 --> 1650 a month or so on 225k, if 6-->8%)

At the very least, make sure you weigh the costs and benefits of an ARM vs 30 year fixed. The fees at ING are certainly straightforward/ cheap, so they might be a viable choice for a 30 year fixed if they're willing to offer you one.

Banks would much rather sell you an ARM, because when they lend you money @ 6% fixed for 30 years, they're taking a risk/ gamble that they wouldn't be able to lend it out for 7% next year. The ARM is a hedge for the bank against interest rate fluctuation. But because rates are already so low, you should just lock the rate in. After all, if interest rates were to drop substantially, you could always refinance your mortgage.

I'd just like to reiterate that you should be very careful w/ what you get yourself into... make sure you understand the terms 100% before you make a commitment, and have a good friend / trusted adviser / lawyer or someone look everything over. It will be well worthwhile to talk to some people who have experience in real estate- just make sure they have your best interests in mind.