I’m going to close a REO using my cash next month and I’ll have a contractor repair it. After that I will need a loan to take all the money out plus some profit for my next property. Could anyone suggest me a lender or a broker who can do this. My fico is good(700 up all 3) ,I’m self-employed and can’t show enough income for any loan so I need a stated income loan. Ltv might be about 70% and it’s NOO. Please help.
being self employed in todays market is going to make it very hard for you to do a refinance. not being able to show income will make it worse. You can however create a note on the property after you buy it to sell to notebuyers, you can also get a private lender to fund the deal instead of using your money.
Very unlikely that you will find a stated income NOO cash-out. If you do it will be extremely expensive. The last time I looked at the pricing on that product it was so expensive that it broke fair lending laws.
How about Owner Occupied stated income cash out refinance for self employed like me, after 6 month of seasoning, is it possible to do, and what’s the rate I will get. I have 724 middle score.
Stated is pretty much gone especially for a cash-out. Why do you need to go stated?