10YR term for Refi
Want to refi at a 3.25 max rate, without increasing loan term beyond 10yrs to lower current pmts and most likely impound taxes and insurance not currently impounded. The current mtg has been paid AA for 10yrs, New loan would be at conservative max 45% LTV, No cash out, have verifiable assets and excellent credit, however unable to provide income documentation.Does anyone know of any options out there? by math15_846_552 from Broward County, Florida. May 25th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Federal law has made it illegal to lend without the lender verifying your ability to make the payments... that being said, Hard money lenders will lend with just a bank statement, however your 3.25% is not even close to reality in this scenario... unless you can qualify conventionally, meaning, you must prove your income with tax returns, w2's / 1099's, pay stubs and bank statements... you will never see a 3.25% rate.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
While I know that Stated income loans were abused, although promoted by Wall Street, when would a Stated Wage Earner with a 580 FICO at a high LTV ever make sense?, thus, make sense situations have no options. Yes, Self Employment is involved for a 2yr start up with many expenses which do not reflect excess revenues in addition to a contributing spouse who is also SE, not on the property or exisiting loan nor will be. I guess I should have done a cash out at 100% LTV 5yrs ago when the value could have been appraised at almost double today's estimate and then not paid for the past 3 or 4 yrs and made money. Being honest, responsible with assets and credit that support proper finance management means nothing these days for someone trying to improve monthly disposable income without even increasing the remaining term to payoff and retaining a minimal exposure of LTV to the lender. While I appreciate the response, a Streamline only applies for FHA. N/A in my 10yr seasoned mortgage, noone was doing FHA in 2002.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
In today's lending environment, you will be required by all lenders to document proof of income or they will not be able to sell your mortgage. Very few, if any lenders are willing to keep an undocumented income loan in their portfolio, and if they can't sell it, they won't make it. One option to you would be to use our portfolio as collateral. If you are interested in seeing how this works and if it makes sense for your situation, contact me and I'll connect you with our investment loan folks. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
tough spot if you can't prove the ability to pay, why can't you show income???
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