Are there any Mortgage lenders that will do a Stated Income Refi(no cash out refi) on a Non Owner Occ?
Tuesday, September 2nd, 2008 at 7:56 am
Looking For Cash Day Advance Loan Reports
Hello ,
Are there any Mortgage lenders that will do a Stated Income Refi(no cash out refi) on a Non Owner Occ Property with less than 12 month owner seasoning and still use the appraised value. Credet score 700+.
Are there any Mortgage lenders that will do a Stated Income Refi(no cash out refi) on a Non Owner Occ Property with less than 12 month owner seasoning and still use the appraised value. Credet score 700+.
>Stated Income - Self Employed
>6 Month Owner Seasoning
>10 Yrs Same Line of work
>0 X 30 on all credit
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Filed in: Cash Lenders
September 4th, 2008 at 10:12 pm
The appraisal is done for the transaction, not for the home. In other words, despite what most people think, the appraisal is not done to determine what the home is worth. It is done to determine if there is enough collateral for this loan. It is done for the specific loan.
If you apply for a new loan, the lender will require a new appraisal. In some instances, an existing appraisal can be signed over to the new lender, but this requires the appraiser to sign it over, and in this market, it is doubtful an appraiser will blindly swear the home is still worth the same amount.
September 5th, 2008 at 4:31 pm
There is some more info needed: would you be stated/self employed (possible) or stated/wage earner (much harder to do)? How much seasoning IS on title? How much are you loosing on the rental right now (it’s currently pretty rare to actually have positive income from a rental unless you are at a really low LTV)? How long have you been in the same field of work and how long on the job? Hows your payment history on all mortgages and revolving debt? Why would you hae to go stated in the first place: are 12-months bank statements an option? What would the LTV be? What is the rate and what are the terms on your current mortgage on the NOO? Why are you thinking about a refi? Do you have long-termed or leased renters right now? What’s your income level…..
As you can see, there is a lot of info still needed. I can say it’s POSSIBLE given the facts so far, but it’s really just a best guess at this point.
What’s I’d really recomend is to meet with a broker you trust to really explore your options right now. The market changes daily, and what works today might not work tomorrow. When I personally meet with a client, I ask the above questions (and a few more as well) so that I can build a complete picture of your situation and need, then package it in the best way for the specific lender.
Find someone you trust and go over all your options. The most important thing in this current marketplace is that you get all the facts you can and make an informed decision.
September 7th, 2008 at 6:40 am
You should expect to need a new appraisal if the old one is anything more than 4 months old. There are options for this type of loan scenario - but one of the most important questions is how much the loan would be, as compared to the home’s value. Anything more than 80% would be tough, anything less than 80% is likely doable. It would also help if you could verify assets, even if you have to state the income.
September 8th, 2008 at 2:32 am
First of all, you do not stated what loan to value you are looking for. This is a very important factor. Also, just because you are self employed does not necessarily mean you have to go stated income. You say you have been in business for 10 years. They might be able to use your tax returns to qualify you. If you are trying to obtain a high loan to value then you most likely have a hard time finding financing right now. My recommendation is to contact a local reputable lender (ask your friends who they used) and have them evaluate your situation for you. Make sure your current loan does not have any prepayment penalties either. I am assuming you have an adjustable rate you want to get out of.
The lender will use the current appraised value on your property.
Feel free to email me any questions. Good luck