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Refinancing investment

What are the income verification requirements when one refinances investment property? Property is located in San Diego CA in a highly desirable neighborhood, current amount owed is $250.00 (interest only loan @%6.00 rate). Most current sale was for apprx. $350.00 (condo). Our credit rating is excellent, we have no other debts, never have been late in any payments. Any advice would be appreciated!
  • July 24 2010 - Classic Uptown
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Answers (2)

Mr. Mondello:
My credit is excellent, I have my 2008 tax return and have an extention on my
22009 return.  I can provide my rental agreements, etc. 

Please let me know where you reside and where to reach you via telephone.

Sincerely
Tina Claghorn
  • July 29 2010
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Typically you will need to produce your 08 09 Tax Returns to show net rental income. Sometimes the Underwriter will also ask for a copy of the Rental Agreement. Standard W2's and recent pay-stubs will be required as well. If you apply for a conforming loan you will  need to provide proof of assets that would cover 6 months of payments/taxes/Home Owners Ins./HOA on the Rental Property and a minimum 2 months worth of such on your Primary Residence.
  • July 24 2010
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