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dtpbach · Joined: 08 Apr 2008 Posts: 1 1.38 Dollars($)

How can I get to refinance my mortgage if I am self employed but have oustanding credit (high 700's) and no debt. Seems no one will refinace me because the income I bring in is not super high.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi dtpbach ,

Welcome to the forum.

you have good credit and no debt. So you can qualify for refinancing your mortgage. You may have to provide lot's of documents like your current year profit statement, home insurance policy, Tax returns of last two years.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Samantha

Hi Dtp,

Good to know that you have great credit and are debt-free! after all, people keep on trying for years to get rid of debts and it takes such a lot of patience.

You said you're not qualifying because you don't have super income, right? but what exactly does the lenders mean by super income? did they mention any limit?

Different lenders would require different levels of income, so the income may not be a problem if you shop around with some more lenders. What matters whether you can document your income. Most self-employed people fail to do so and end up taking out stated income and no doc loans which off-course aren't bad either. But let me tell you, as per the new laws, it's simply illegal for a lender to do a stated income loan without verifying the borrower's source of income

Just in case you're interested on a free consultation for the right loan, feel free to talk to our community lenders. I'm sure they'll be able to suggest more options for you.

hope this helps...

God bless you.

samantha

Niicss · Posted: Wed Apr 09, 2008 3:44 am Post subject:

Welcome,

Your good credit will help you to refinance. If you cannot show the documents of your income then you can even go for stated income and no doc loans.

But even if you go for stated income loan the lender may ask you for 4506T to verify whether the taxes have been filed or not.

Let me know if you have any more queries.

gmakerley · Posted: Wed Apr 09, 2008 2:17 pm Post subject:

i agree that you'll be signing a 4506 form if you go with a stated income loan. there are plenty of lenders still making those loans, and your credit score will probably find you one. of course, you already mentioned that your income isn't all that high.

with stated income loans, it is up to you to state what your income is. if you qualify with the amount you've stated, you'll get your loan; if not, then not. of course, you didn't mention a loan amount, so depending on how much you're trying to borrow, you may not need a great deal of income.

yours is a hard case to discuss - your own admission of you income not being "super high" is enough to give most lenders pause in the process.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Many lenders have discontinued their stated income or no income verification programs due to the industry tightening credit standards. However there are lenders that still offer this type of loan and offer good rates. Your probably better off working with a broker that knows which lenders still have this program and can find the best rate for you.

chrisburns · Posted: Fri Apr 11, 2008 7:01 am Post subject:

How are you trying to verify your income? Can you show tax returns or are you self employed? It would be helpful to us if you can elaborate a bit more about how much income you can prove and what loan amount your seeking. Also what other debts you have such as car payments, credit cards, or other expenditures showing on your credit report.

Also what are your taxes and insurance?

If you can't do a fully documented income loan you'll have to get a stated income loan. There is no such thing as a no doc loan right now other than hard money. Hard money is when a lender does the loan based solely on the equity in the property. Your credit and income are not factors taken into consideration. THere is a very large price to pay if you take that route. Expect rates in the 12% range with 4-8 points upfront in fee's. It would be a last resort, but if you need the money bad enough it could be an option for you as a short term fix.

There are still some stated income options available. In fact one of the major banks yesterday announced a new set of programs geared specifically to stated income borrowers with good credit. THey will provide 80-90% of the value of your home. Rates are very close to conforming.

I think you have options available to you however the more information you provide the more specific the folks here can be in directing you down the appropriate path.

Don't give up, I'm sure you can get the refinance done!

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