I was wondering if there were any stated income refi programs out there. I work for the family business which I report making about 30k. credit score over 700. I do not need to cash out but do need to refi to do lease options as the two properties are both hard money.
propeties are located in mesa,az both valued at 320k and 300k. loans are at 220k and 210k
any help would be appriciated
How long have you owned the properties? Are they currently rented? How many months of reserves do you have? It looks as if your LTV should meet guidelines but lots more info is needed to really give you solid advice.
You mention that you need stated income but then go on to say that you report $30,000 in income. Well, if this is the amount you have on a tax return as gross income, then this is all you can state. Those programs are to reduce the amount of documentation you need to qualify; thus no tax returns. What it is not for is to over state your income to make the ratios work or to state more income than you really report. That could end you up in trouble with the IRS.
Anyway, the family business part is what troubles me. Many lenders require full doc if you are working for the family. How long have you been working there?
As Chris mentioned, there are other factors. Mainly how long you’ve held, how much in the bank thats been available over the last 60 days, any 401k or retirements.
How many properties total do you own that are financed?