Posted on: 08th Oct, 2010 01:00 pm
I was reading the comments on your web site on stated income loans. The last 3 times I refinanced, I used stated income. (never been late) I was told I can't do that now. I own Palm Springs Massage but fly under any radar (no tax returns, cash deposits, etc.) I do get a regular social security check for about $800 a month but I keep my clients private on income. I have never ever ever been late in 20 years on my morgate payment (or any payment for that matter) I am at 7.5 percent and I really need to get into a lower rate before they go up! Words are cheap, but I would probably sit in the dark eating a can of beans before I let my mortgage payment lapse; never been late on any payments ever and my credit shows that. I owe about 65,000 on a home that was worth about $400,000 5 YEARS AGO...probably worth about half that now. My payments are $590 and INCLUDES property taxes into an impound account and I would like my house insurance to be included next time. I did want to take some cash out but thought it might be EASIER (risk wise) to get get a straight refi as the lower payments is what I am looking for.
Is there any lenders in or out of California that would be interested in me? I don't mind pay a little extra interest for the risk but don't want to be bumped for prepayment penalities & a lot of other penalities. Being upfront, my credit was 724 but just dropped to a little over 700 because of medical bills that should have been paid by insurance but were not. (Can explain that but not here) Please let me know if anyone would be interested in me. I have lived here about 24 years and will probably die here. I feel I am a good risk.
Many thanks,
Aleta
PS please feel free to edit anything you don't feel is good to publically post.
Is there any lenders in or out of California that would be interested in me? I don't mind pay a little extra interest for the risk but don't want to be bumped for prepayment penalities & a lot of other penalities. Being upfront, my credit was 724 but just dropped to a little over 700 because of medical bills that should have been paid by insurance but were not. (Can explain that but not here) Please let me know if anyone would be interested in me. I have lived here about 24 years and will probably die here. I feel I am a good risk.
Many thanks,
Aleta
PS please feel free to edit anything you don't feel is good to publically post.
Aleta, I can't imagine too many lenders hopping on the bandwagon for such a small amount of money. From what I knew when I was originating (a year ago), lenders in California were only interested in loans greater than $400,000. Yours doesn't quite fit that scenario.
Do you show any earnings at all when you file your taxes? If you do, that sum plus your SS might very well put you into the realm of qualifying, since your overall payment now is so very low. And what I'm discussing in this paragraph is the possibility of a conventional loan, at conventional rates, with documented income, assets, etc.
It's worth calling around your area to find out what is acceptable for someone in your shoes. But the likelihood of a small loan such as what you describe on a stated income basis is pretty slim, I'm afraid.
Do you show any earnings at all when you file your taxes? If you do, that sum plus your SS might very well put you into the realm of qualifying, since your overall payment now is so very low. And what I'm discussing in this paragraph is the possibility of a conventional loan, at conventional rates, with documented income, assets, etc.
It's worth calling around your area to find out what is acceptable for someone in your shoes. But the likelihood of a small loan such as what you describe on a stated income basis is pretty slim, I'm afraid.