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moonjigga · Joined: 17 Jun 2009 Posts: 1 1.44 Dollars($)

I currently live with my parents and am on title for the property. I want to refinance the current mortgage that is in my father's name into my name alone. I am currently a tipped full-time employee at the same job for the last 4 years. My fico is around 700. The current mortgage is 1 month behind with about another months worth of late payments. I do not show enough on my w2 to go conventional. I would only be able to show bank statements or go stated. The current rate that we have now is 8.5 in arm that as already adjusted. Any information would be greatly appreciated

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

moonjigga

Welcoem to the forum

In this market situation, it is difficult to get some one to refinance with otu showing proper incoem or job

Good luck and feel free to ask

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

See if you qualify for an FHA refinance

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

moonjigga ,

FHA loan is a good alternative to you. So i will suggest you to look for that option.As you have stated that you have full time employment for last 4 yrs so you are already fulfilling some requirements of FHA loans which requires Min score of 620 and minimum 2 yrs of full time employment.

keep in touch.....

jenkin7 · Posted: Thu Jun 18, 2009 1:25 am Post subject:

Hi moonjigga,

Given the current situation of the mortgage industry, the lenders have now become more cautious while approving loans than they had been before. They would like you to provide them with proper documents in support of your income so they know that you can afford the payments and will not default. Stated income loans are rare these days. Only a few lenders in certain areas offer such loans.

However, you may go for a no-obligation free mortgage consultation with the lenders in this community and see if they can help you in this regard. They will assess your financial situation, check your credit score and offer you suggestions on what type of loan you may qualify for to refinance the existing mortgage.

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brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

FHA is not an option unless you are documenting your income and you qualify with that said income. From what I gather of your post that's not the case. The lenders most people are speaking of for stated income offer those loans to self emlpoyed people. I think your best option since the mortgage is behind is to try and add a co-borrower (possibly your dad if his credit is not completely shot) and refinance to a much lower rate and hopefully you can afford those payments. Good luck!

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Do any lenders still do full doc bank statement refinances?