Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

Need Cash-out Refinance loan in California

Author Message
Scott_anderson

Guest







Post Posted: Wed Nov 07, 2007 5:19 am    Post subject: Need Cash-out Refinance loan in California
Like 0
Dislike 0

Is there any lender who can help me with a loan in California? I have a FICO score of 720. Can I get loan worth $750000. i've heard about stated income loans. What are the criteria for such loans? The property is NOO. A cash out refinance would be good as I have to make some improvement on the land as well.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.43 Dollars($)
Post Posted: Wed Nov 07, 2007 9:47 pm    Post subject:
Like 0
Dislike 0

Hello Scott,

With 720 FICO score I don't think it will be a problem for you.

Are you self-employed as you are planning for a stated income loan?

A borrower qualifies for stated income loans based on the income he states on the application form but this is not verified. You are not required to submit W-2, pay stubs or tax returns. This considers your credit history along with either verified assets or states assets.

Some lenders may ask you to execute form 4506 for this type of loan, as it authorizes the lender to request IRS for verification of your tax returns, in case it is required. Lenders may also verify the source of income. Generally they require you to be in the same line of work for the past 2 years with consistent income.

What is the present equity in your property? You need to know that before thinking about a cash-out refinance.
Scott_anderson

Guest







Post Posted: Thu Nov 08, 2007 4:44 am    Post subject:
Like 0
Dislike 0

No jenkins i am not self-employed but aren't these loans for all? The equity is around $850000. i also intent ot make some improvements to the land. Is that possible with a stated income loan?
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.43 Dollars($)
Post Posted: Thu Nov 08, 2007 5:43 am    Post subject:
Like 0
Dislike 0

Hello Scott,

I just asked you as this loan is mostly preferred by the self-employed. Stated income loans are available to W-2 wage earners, 1099 as well as retired.

If you have equity around $850k, then you may either go for a cash-out refinance or a home equity loan.

Generally you get stated income loan on NOO property but you have to search for lenders to avail the best offer.
Icon Mini Profile evolovik26
evolovik26
Community Expert
Community Expert

best lender badge

Joined: 15 Aug 2007

Posts: 537
Location: Minneapolis
28.93 Dollars($)
Post Posted: Mon Nov 12, 2007 8:19 am    Post subject:
Like 0
Dislike 0

You can do w2 stated, you can do NOO, you can do high ltvs but put all of this together and you got trouble written all over it. Its likely that even if you have assets you will not be able to get higher then 75-80% of your property value. That means that 630-650k is your max. You might be able to go to 90%-95% full doc.
_________________
Eugene Volovik
Home Loan Consultant
Countrywide

612-481-3127
Conventional, FHA and Commercial Lending in 48 states
JAY ELLENBERGER

Guest







Post Posted: Thu Apr 30, 2009 1:11 am    Post subject: 6.77 ACRE
Like 0
Dislike 0

I AM LOOKING TO REFI A 6.77 ACRE LOT I PURCHASED IN 2003 WITH A PAYOFF OF $95,000 LAND VALUE OF $230,000 LAND IS FOR BUILDING MY PERM RES. LAND HAS WATER AND ELECTRIC ON PROPERTY IN BAKERSFIELD CA.. PLEASE GIVE ME A CALL THANKS JAY ELLENBERGER 661-663-7497
Icon Mini Profile jerry
jerry
Moderator



Joined: 17 Oct 2005



Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
Post Posted: Thu Apr 30, 2009 7:02 am    Post subject:
Like 0
Dislike 0

Hi JAY,

You have not mentioned your credit score. What is it like? Have you been current on your existing loan? What is your approximate income?

Thanks,

Jerry
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.079 seconds.