Here’s my situation:
1 yr. out of Ch 7 BK.
Need to refinance mortgage on rental property. Property is worth approximately $250K. I owe $233K. I have around $50K to put down so I can lower the monthly payment.
I’ve been steadily employed for 23 years with the same employer. I make about $150k per year in salary. Rental income is approximately $19k per year for this property.
I have no debts other than a $220 monthly car payment and $1800 monthly rent payment.
I have about $240K cash in the bank.
I also have about $130K in my 401K.
My wife will also be on the loan. She has perfect credit but no income. I earn the income but have poor credit as a result of the BK.
I’m looking for a 30 year fixed rate loan to refinance into. The current mortgage is an interest only loan with an ARM that is set to adjust next year.
Does anybody know of any lenders that would approve me? I’ve checked with my local bank and they will approve me but only for a 15 year mortgage. They don’t do 30 yr. loans for rental homes. I need a 30 yr. mortgage since it will provide me with enough cash flow to cover all my expenses each year. The tenants we have in the home are excellent and plan to remain in the home for several more years.
Any help would be appreciated. Feel free to PM me if you need additional information.
Thanks