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Scott_anderson
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0.10 Dollars($)
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 Posted: Wed Nov 07, 2007 5:19 am Post subject: Need Cash-out Refinance loan in California |
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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 $750000. i've heard about stated income loans. What are the criteria for such loans? The property is NOO. A cash out refinance would be good as I have to make some improvement on the land as well.
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 jenkin7
Joined: 04 Jun 2007
Posts: 887
132.55 Dollars($)
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| Posted: Wed Nov 07, 2007 9:47 pm Post subject: |
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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. |
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Scott_anderson
Guest
0.10 Dollars($)
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| Posted: Thu Nov 08, 2007 4:44 am Post subject: |
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| No jenkins i am not self-employed but aren't these loans for all? The equity is around $850000. i also intent ot make some improvements to the land. Is that possible with a stated income loan? |
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jenkin7
Joined: 04 Jun 2007
Posts: 887
132.55 Dollars($)
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| Posted: Thu Nov 08, 2007 5:43 am Post subject: |
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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 $850k, then you may either go for a cash-out refinance or a home equity loan.
Generally you get stated income loan on NOO property but you have to search for lenders to avail the best offer. |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 426
Location: Minneapolis
10.56 Dollars($)
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| Posted: Mon Nov 12, 2007 8:19 am Post subject: |
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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.
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Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending |
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