Posted on: 16th Mar, 2011 10:08 am
i have been reading your responses. my borrower is a physician of 32 years. he was w 2 income in 2008 and part of 2009...went to 1099 in middle of 2009...his cpa is just now doing his 2010 tax returns..he wants to do a rate and term refinance and go from a 30 year term down to a 10 year term...where can i find a list of lenders or banks that do not sell their loans that may possibly allow my doctor to refiannce. he has owned his home since 2004 and is ltv is below 80%. his dti is below 25%...so frustrating that i can't help him!! the loan was declined b/c i could not verify 12 months of 1099 income off the 2009 tax returns b/c he also had a w 2 for that year as well as the 1099. any information you could provide would be appreciated!! thank you.
Welcome beckydv,
It is true that the lender will want to check the borrower's income and employment situation before approving a loan. Unless, the borrower is able to give proper documents regarding this, the lender won't give him the loan.
This community has a large number of lenders. Your borrower can seek a no obligation free mortgage quote from them and check out if they can help him with a loan.
It is true that the lender will want to check the borrower's income and employment situation before approving a loan. Unless, the borrower is able to give proper documents regarding this, the lender won't give him the loan.
This community has a large number of lenders. Your borrower can seek a no obligation free mortgage quote from them and check out if they can help him with a loan.
beckydv,
You may get a better answer and more help if you note in what state the property is located.
There is a greater liklihood of a local lender being able to help you than there is of some national mortgage program. If national mortgage programs did what you are seeking, we would all know the answer.
Some of us have loacal lenders who do things the national lenders do not, but, it does no good for us to answer you or help you if we know our local lender only lends in specific states or specific counties.
You may get a better answer and more help if you note in what state the property is located.
There is a greater liklihood of a local lender being able to help you than there is of some national mortgage program. If national mortgage programs did what you are seeking, we would all know the answer.
Some of us have loacal lenders who do things the national lenders do not, but, it does no good for us to answer you or help you if we know our local lender only lends in specific states or specific counties.
