Posted on: 05th Aug, 2011 07:14 am
i recently took a 2 year break from working to tend to a family medical matter. the break was planned from a financial standpoint w/o tapping retirement or investments. prior to that, i have a 26 year work history and am returning to work in a week. all payments during the break remained current. credit score is above 800, no debt, good assets. current 1st is $472k @ 5.25% 7/1 arm renewable nov 2011. 2nd is <$50k and should subordinate. want to refi 1st only for a ltv of 78%-80% depending on appraisal. will any lender refinance my 1st or do i have to amass 6 months of pay stubs at the new job? rates are too good now to pass up. any suggestions would be appreciated. thanks.
I would contact a lender in your area to see what they can do. If you had income to draw on, you may be able to explain what happened and why you did not work, how you got by etc. You would have to start work and have atleast 30 days paystub if the lender allows. You have work history, but you have a gap, which seems like you have a good explanation.