Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user7709630

Having trouble refinancing.

I am self-employed so no W2 this past year. I have talked to some lenders but they said nothing can be done since my credit score 678.

Loan balance: 681k
monthly payment: 4195
interest rate: 5.75
last refinanced: April 2010, int rate went from 7% to 5.75% harp program which is why I no longer qualify for harp.
home value: 1.2m

Should I just wait until my company turns around so I can take a w2? I am assuming in a 3-5 years.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08 - Los Angeles
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (8)

Hello,

There is an alternate documentation loan available which calculates your income based on cash flow vs. the typical tax return. There's a few details we would have to go over but I would think this is your best bet.

Good luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 22
Profile picture for pako42
You are right on the cusp of getting a better rate if you had a 680+ score. If you have high balances or even 50% of credit used on credit card accts, pay it down to 25% or less and it may rise above that in two months. Having said that, there are still some lenders who will entertain a low loan-to-value which you have in L.A. county.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 21
Hello,

A few questions that can answer this quickly -

1) How long has your business been active, and are you filing a schedule C with your tax return?

2) What is your net bottom line of income for the last 2 years of filed taxes?

It is likely you can refinance right now, and with many attractive options available to you.

Best of luck!

Eric Nelson, III
Sr. Mortgage Planner
SVC Funding
www.campbellmortgagebroker.com
408-268-2442
NMLS # 120412
CA BRE # 01258488
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 16
Your credit score is still acceptable with other lenders. The important thing to understand is that not all lenders are the same. Different lenders have different standards and requirements. So I wouldn't give up yet, instead check out multiple lenders. There should be a lender like myself that would be able to work with those scores. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on refinancing with your situation. There are lenders like myself that would be glad to speak with you to help you get the refinancing that you need. There would only be a few more details needed to sort out your situation. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08
If your average income over the past two years is sufficient, your credit score is not that low and should not be a hurdle.  We have a lender who has no problem with a 678 credit score.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08
Have you owned the business for over 2 years?  If so, we can assist despite the credit scores below 700.

Feel free to click on my profile and contact me directly so we can discuss which options are available.

Best,

Bryan
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08
Based on the information you provided, the chances of you being eligible to refinance are very promising.  If you would like more information please contact me directly, good luck!
(not sure why they turned you down for a 678 FICO)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08
self employed income will be a two year average of your taxes. as long as there is sufficient income there it shouldn't matter if you get a W2 or 1099

credit may be your biggest hurdle since the high balance/jumbo loan amount products require a 700+ credit score through most lenders
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08
 
Related Questions
Can't Refinance - Issues With the HOA
Profile picture for Jill Schweitzer
Latest answer by Jill Schweitzer
July 03 | 9 answers
low doc / stated income cash out refinancing
Profile picture for zuser20140612145733455
Latest answer by zuser20140612145733455
June 29 | 8 answers
Is a refinance rate of 4.25 good?
Profile picture for Michael Ciavarini
Latest answer by Michael Ciavarini
June 16 | 6 answers
Refinance or heloc?
Profile picture for Tracy Story
Latest answer by Tracy Story
May 19 | 7 answers
  • Asked by zuser20140516125635034
  • In Refinance
  • May 16
How to refinance a property under me currently owned by a relative
Profile picture for info2275
Latest answer by info2275
May 12 | 7 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2906 N Keystone St, Burbank, CA Home For Sale
    2906 N Keystone St, Burbank, CA 91504

     For Sale: $739,900

    • Beds: 3
    • Sqft: 1740
    • Baths: 2.0
    • Lot: 6534
  2. 4666 Carnegie St, Los Angeles, CA Home For Sale
    4666 Carnegie St, Los Angeles, CA 90032

     For Sale: $469,000

    • Beds: 2
    • Sqft: 982
    • Baths: 1.0
    • Lot: 5026
  3. 4716 Park Jacaranda, Calabasas, CA Home For Sale
    4716 Park Jacaranda, Calabasas, CA 91302

     For Sale: $1,285,000

    • Beds: 3
    • Sqft: 2159
    • Baths: 3.0
    • Lot: 3963