Posted on: 20th Jun, 2012 12:24 pm
Fico 760+
250K+ cash plus liquid (mutual funds) on hand
No loan balances except mortgage on home
Zero revolving debt
Primary residence: 750K+
Current 1st bal: 200K (up-to-date)
Looking for a cash-out refi with stated income loan on primary residence 60-70%LTV (Tulsa, OK). If you can't do it, willing to pay finder's fee (at closing) if you find someone who can.
250K+ cash plus liquid (mutual funds) on hand
No loan balances except mortgage on home
Zero revolving debt
Primary residence: 750K+
Current 1st bal: 200K (up-to-date)
Looking for a cash-out refi with stated income loan on primary residence 60-70%LTV (Tulsa, OK). If you can't do it, willing to pay finder's fee (at closing) if you find someone who can.
hi ttown!
welcome to forums!
in order to get a cash out refinance, you should have equity in your property. if you have around 20% equity in your property, then you can get a refinance. also, you should note that there are very few lenders who may help you with stated income loans. lenders have stopped giving stated income loans after the sub-prime mortgage crisis.
feel free to ask if you've further queries.
sussane
welcome to forums!
in order to get a cash out refinance, you should have equity in your property. if you have around 20% equity in your property, then you can get a refinance. also, you should note that there are very few lenders who may help you with stated income loans. lenders have stopped giving stated income loans after the sub-prime mortgage crisis.
feel free to ask if you've further queries.
sussane
Hello ttown01,
I just want you to know TOW that the borrower should have a minimum of 6 to 12 months of the mortgage payment in "personal" liquid cash reserves on a purchase or refinance for the best rate.
:idea:
I just want you to know TOW that the borrower should have a minimum of 6 to 12 months of the mortgage payment in "personal" liquid cash reserves on a purchase or refinance for the best rate.
:idea:
Sabrinatoss, as noted in my OP, I have over $250K in liquid cash reserves which would obviously more than cover 6-12 mos of mtg payments.
Sussane, I only have 200K mortgage on a 750K property (a conservative number, btw). That's well over 20% equity (in fact, it's around 67%), so that's not a problem.
I have plenty of equity and cash and I know there are very few lenders doing stated income, but that's why I'm here looking.
Thank you for the responses, though. Feel free to shop the scenario around. As stated, I have no problem with a finder's fee for anyone who can connect me with a lender.
Sussane, I only have 200K mortgage on a 750K property (a conservative number, btw). That's well over 20% equity (in fact, it's around 67%), so that's not a problem.
I have plenty of equity and cash and I know there are very few lenders doing stated income, but that's why I'm here looking.
Thank you for the responses, though. Feel free to shop the scenario around. As stated, I have no problem with a finder's fee for anyone who can connect me with a lender.
Hi ttown,
This community has a large number of lenders. You can seek a no obligation free mortgage quote and check out if they may help you in this regard. It will help you know whether or not you can qualify for a loan.
Thanks
This community has a large number of lenders. You can seek a no obligation free mortgage quote and check out if they may help you in this regard. It will help you know whether or not you can qualify for a loan.
Thanks
Feel free to contact Bart at 512 686 2750, he does stated loans with verifiable assets nationwide.
Thank you for the contact, Maria. I'll give him a call.
Jameshogg, I tried the form but it gives me an error because "incorrect email" or something like that but I went thru it a couple of times and didn't see any place to put in the email address.
Jameshogg, I tried the form but it gives me an error because "incorrect email" or something like that but I went thru it a couple of times and didn't see any place to put in the email address.
Hi ttown,
Thanks for letting us know this. The concerned people will look into the matter.
Thanks
Thanks for letting us know this. The concerned people will look into the matter.
Thanks