Posted on: 08th Oct, 2010 09:48 am
Property - is new construction (less then a year) single family in Hillsborough, NJ Est. MV 410,000. No mortgage (a few quaters owed in taxes)
Me - I'm self employed with a middle fico of 785 and no late payments. I have little cash reserves (2K) This is because I spent all my money finishing the house. I have about 20K in CC debt (Again the house)that I will be paying off from proceeds.
I want to borrow 100,000-150,000. Of course my documented income (27K gross) will not fit into any DTI ratio. I can show more income through bank statements if it helps but do not want to "explain" my deposits. I need to go with with some kind of stated or no doc program . I would prefer an equity line if possible
Me - I'm self employed with a middle fico of 785 and no late payments. I have little cash reserves (2K) This is because I spent all my money finishing the house. I have about 20K in CC debt (Again the house)that I will be paying off from proceeds.
I want to borrow 100,000-150,000. Of course my documented income (27K gross) will not fit into any DTI ratio. I can show more income through bank statements if it helps but do not want to "explain" my deposits. I need to go with with some kind of stated or no doc program . I would prefer an equity line if possible
Hi,
In today's market, it'll be difficult for you to get a stated income or no doc loan. Most lenders have stopped giving such loans after the real estate crisis. You can speak to the local lenders in order to check out whether or not the lenders are ready to give you such a loan. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you'll get such a loan from them.
In today's market, it'll be difficult for you to get a stated income or no doc loan. Most lenders have stopped giving such loans after the real estate crisis. You can speak to the local lenders in order to check out whether or not the lenders are ready to give you such a loan. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you'll get such a loan from them.
in nj, there are a couple of lenders who will do a stated income refinance. the best lender will require more than 2k reserves. there are a couple of lenders who do not have as strict reserve requirements but their rates will be much higher.
best scenario = if you are able to borrow about $50k from someone just for a few months. let that money sit in your account for at least two bank statements. then, refinance via a stated income loan and you will be showing enough liquid assets to qualify. your rate should be around 5%.
best scenario = if you are able to borrow about $50k from someone just for a few months. let that money sit in your account for at least two bank statements. then, refinance via a stated income loan and you will be showing enough liquid assets to qualify. your rate should be around 5%.
