Rachel
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With the current environment, stated income loans are very difficult to get...so I would say that your chances are not good if you insist on that route.
If you decide to report your income though, I think that your chances are still slim because the LTV is too high. You might be better off just holding off on the improvements for awhile (assuming they aren't structurally necessary) so that you can save up the money to pay for the improvements without getting cash out of the refinance.
It can't hurt to go to a bank and try though...hopefully I am wrong and they will just approve you and give you the cash! |
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.
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You chances aren't very good because of your low income. |
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Tim
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Chance are slim.
This is part of what has caused the mortgage crisis we are in right now.
Stated income, cash out, low credit score and 95% LTV. All combined sounds like your typical borrower in problems now. |
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J.O-Devils 8 straight!!!
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I doubt it in today's market. Stated loans are almost non-existent anymore.
And the ones that are need an LTV under 80% and fico's over 720.
Unless you want one of those adjustable rate sub-prime loans but if you watched the news in the past year I doubt that |
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brandonlahman
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I am sorry but it is not looking good. |
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ermet22
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With the crack down in the mortgage market lately, one of the first programs to go was the W2 stated income program. Most lenders will not even discuss stated income with anyone whose credit score is lower than 660. Even so, most lenders will not cash out above 75% and at 95% you will incur PMI. Sorry to be the bearer of bad news. |
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Linds
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Loan guidelines for conventional loans changed this week for stated income. Nothing cash out more than 90% loan to value for rate and term, 75% for cash out. That's accross the board. Unless you find some company willing to give you a 15% interest rate.
Most stated programs you need a 680 mid score or higher.
FHA loans will go to 95% loan to value cash out. But you need to go full doc. Rates ate under 6% today.....
Sorry you are probably out of luck. |
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Beaula
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It's extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this nature<!--usually are very profitable and it's a good idea to remember where all the money is generated from. You, the customer are the root of their profits.
http://mortgages-finance.awardspace.com/
Once you need to finance the buying of your own home with a mortgage, it's very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing-->enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing. |
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Cobalt Daisy
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You've already got 285k outstanding-- is that a mortgage or general debt? Either way that's a huge risk for any institution who would lend you the money. What is the interest rate on your outstanding debt? If it's a mortgage how many years- is it a fixed rate?
If that is not mortgage debt then from a financial perspective you do not have any savings at all...
You may want to consider financial counseling/guidance. It may cost some money but the investment is definitely worth it. This person (or people) will help you define your budget and then help you work within your means for the finances you NEED to tackle versus your WANTS.
You can google "financial counseling <town,state>" or look in your local Yellow Pages.
Best of luck!
***BE VERY CAREFUL of lenders and brokers quick to help you...of course they are eager, they want to lend you what you want with a high interest rate so THEY can make a money from the interest AND then take your assets later on if you cannot afford payment. You will only be in a bigger financial spiral. Get the counseling FIRST. |
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Spock (rhp)
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looks to me like you'd need an annual income of about 150k to qualify on this, given that your LTV will be around 85%.
maybe you'd best put off those home improvements, or most of them. that'll get your LTV under 80% and then if your income is close to the 150k, you're maybe in the ball park. |
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estielmo
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Simply ask some reputable lenders. The worst anyone can do is say no. Just don't try any of that tricky stuff with scam artists. They're laying in wait for guys like you. |
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