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low doc / stated income cash out refinancing

Profile picture for oliel
any advise for home refinancing, based on low doc / stated income.my house value: about 850k, i owe 380k% cash out
interested in refinancing w at least 80% cash out.
thank u!!!
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November 14 2011 - Los Angeles
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Answers (6)

Profile picture for LaxLoanPro
Good luck. Stated income is pretty much a thing of the past unless some private company has decided to pick up that torch and is doing it as a sub-prime type product. The stated-income customer has pretty much been left in dark unless they are willing to tweek their taxes to show an income. You might also have problems getting that much cash out even at that ltv. Underwriters have been extremely leery of giving cash out without a reasonable explanation as to what that money is going to be used. for. 
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November 22 2011
Profile picture for Georgia Loans
Meewan, what does your lender mean by:

If you have real job, 

not enough qualifyng income little bit,
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November 21 2011
Profile picture for Realtor Kay Lee

    • This is an email from a loan officer who does stated income:

      If you still want to cashout, please send me a email to lakorea@gmail.com or call me at 213-434-9114
      If you have real job, not enough qualifyng income little bit, and good fico score over 700, a little debt on credit report. Max 75% cashout. If you want to go upto 80%, the lender fees get higher.

      Thanks,

      David Kim

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November 21 2011
Profile picture for Realtor Kay Lee
Eastwest Bank and South East Mortgage have 40% down "purchase" programs for low docs or even no docs.
I'm not sure if any of these banks do cash out refi's though.
You can talk to Matthew Shin at South East Mortgage.
714.523.0777
562-519-6176
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1Yes

November 14 2011
Profile picture for LUXURY HOME LOANS CA
I may be able to help you if you wish to contact me.

Happy funding, Rudi
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November 14 2011
Profile picture for drgregs1
Unfortunately... i don't think it's possible with conventional lending any longer.
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November 14 2011
 

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