Posted on: 09th Jun, 2009 08:26 pm
I have a rental property which I own full cash and I want to do a cash out finance. I need to use the funds to buy more properties. I purchased at 20K total gut rehab, now worth approx 70K. I have owned it for 6 months, and I need the refi to go as smoothly and quickly as possible.
I am self Employed so I don't show a lot on my taxes, so I prefer a no doc or low doc loan (Did it in the past). My credit score is 733.
On a 75% - 80% LTV I have over 2.5 years of reserves. I am not afraid of high rates as I am going to be paying off in under 5 years.
Please help me find a lender who can help me!
I am self Employed so I don't show a lot on my taxes, so I prefer a no doc or low doc loan (Did it in the past). My credit score is 733.
On a 75% - 80% LTV I have over 2.5 years of reserves. I am not afraid of high rates as I am going to be paying off in under 5 years.
Please help me find a lender who can help me!
hi redtoesblue,
you have a very good credit score to qualify for a refinance. but the fact that you are looking for a no-doc loan might make things a little difficult for you. in this time of economic downturn, many lenders have stopped offering no-doc loans. but if you have a good payment history and a lot of equity in the property, some lenders may want to offer you a loan to refinance.
you can seek a no obligation free mortgage quote with the lenders in this community. they will assess your financial situation, credit score etc. if you qualify as per their qualifying requirements, they will offer you free mortgage quotes. if you feel the quotes are attractive, you can go for the loan. otherwise, you can always look for other lenders offeirng no-doc loans in your state.
you have a very good credit score to qualify for a refinance. but the fact that you are looking for a no-doc loan might make things a little difficult for you. in this time of economic downturn, many lenders have stopped offering no-doc loans. but if you have a good payment history and a lot of equity in the property, some lenders may want to offer you a loan to refinance.
you can seek a no obligation free mortgage quote with the lenders in this community. they will assess your financial situation, credit score etc. if you qualify as per their qualifying requirements, they will offer you free mortgage quotes. if you feel the quotes are attractive, you can go for the loan. otherwise, you can always look for other lenders offeirng no-doc loans in your state.
forget the difficulty you might have with a no-doc loan. you have far more trouble in store for you because you're looking for a cash out refinance on an investment property, using a no-doc loan.
if there is a lender out there granting such loans, i would have to think it's going to be a hard money lender. these loans are like dinosaurs already, anyway.
if there is a lender out there granting such loans, i would have to think it's going to be a hard money lender. these loans are like dinosaurs already, anyway.
Well, one concern of mine is the DTI, it is pretty high for me, however I have the cashflow through business to sustain that.
Given that I am self employed I am not showing the greatest numbers. Any other thoughts>
Given that I am self employed I am not showing the greatest numbers. Any other thoughts>
redtoesblue,
Welcoem to the forum
with no docs it will be really difficult to get a loan and if you are saying you have very high DTI, that is one more factor which may not help you.
Good luck and feel free to ask
Welcoem to the forum
with no docs it will be really difficult to get a loan and if you are saying you have very high DTI, that is one more factor which may not help you.
Good luck and feel free to ask
i can't add anything other than to say your scenario has worsened in my view.