Zillow Advice: Refinance - Self Employed with excellent credit seeking portfolio/private loan in Austin, Texas http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ Zillow Advice | Zillow Real Estate I know i am late but i can ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ I know i am late but i can do 12 month Bank statements for self employed borrowers. 720 plus fico and 2 years existing business.<br/><br/>portfolio program from pactrust bank. Irvine california<br/><br/>call me if you have questions.&nbsp;<br/><br/>[Phone removed by Zillow moderator. Please see our Good Neighbor Policy for information.]<br/><br/>Thai Pham<br/><br/>NMLS #1021520 Tue, 16 Jul 2013 00:44:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2013-07-16T00:44:00Z The banks haven't "overcorrected ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ The banks haven't "overcorrected themselves" they're just looking at the amount of income you reported on your tax returns.&nbsp; Tue, 11 Dec 2012 18:30:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2012-12-11T18:30:00Z We have a similar problem.Because ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ We have a similar problem.<br/>Because of the vast "over correct" of banking errors, they will only look at that one line on your returns. Doesn't matter how much your gross revenue is.<br/>I suppose, we'll just have to be happy with our tax savings and call our refinance to a lower rate a wash.<br/>So much for 800+ credit scores. :-( Mon, 19 Nov 2012 16:54:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2012-11-19T16:54:00Z We do stated income loans ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ We do stated income loans in TX. Call us ir you can <em>[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]</em>to get all our info. Rates are good and we lend in several states. Wed, 12 Sep 2012 16:47:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2012-09-12T16:47:00Z Hi Steven,I apologize for ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ Hi Steven,<br/><br/>I apologize for the delay -- I forgot to hit email me. You are welcome to contact us directly as well. <br/><br/>What is your DTI? There are lenders that will go higher than others such as porfolio lenders. <br/><br/>I would also double check that you and your loan officer or the LO's supervisor. Double check your application to make sure you were comunicating regarding paying off your debt through the loan...It is possible your payments were not removed from the DTI. There are mistakes made like this all the time. Wouldn't hurt to check. <br/><br/>Please ask them what was used for your gross income. Have you received any kind of an increase in your income? They should be using income off of your check stub if you are a wage earner. If you are up for another increase this year find out when this will take effect. Often times they can use this income the moment your higher income is reflected on a paycheck stub.<br/><br/>Then ask what the&nbsp; principle and interest payments, property tax and insurance payments.&nbsp;And at what interest rate and term? We've seen lots of crazy mistakes over the years.&nbsp; I have seen an insane amount for home owners insurance that has messed up DTI's.<br/><br/>What you can afford and what you can prove for your income are sometimes a different story.<br/>If you have large 2106 expenses on your 1040's that will be deducted from gross earnings -your income. If these expenses&nbsp;were a one time expense or these expenses will be less this year explain this to the loan officer.<br/><br/>The banks made lots of &nbsp;wreckless decsions in the past.<br/><br/>We are not sure what state you live in ... We would be glad to talk to you on the phone or email. We can review all these numbers to see if you can qualify.&nbsp;<br/><br/>Good Luck to you! Thu, 12 Jul 2012 20:53:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2012-07-12T20:53:00Z Hi StevenVan,Are you looking ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ Hi StevenVan,<br/><br/>Are you looking to take out a loan to buy another property? If so, you can always buy owner-financed houses - no banks required.<br/><br/>Thanks,<br/>Adrienne Thu, 12 Jul 2012 18:52:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2012-07-12T18:52:00Z Hi Scott and Shelley,&nbsp;I ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ Hi Scott and Shelley,&nbsp;<br/><br/>I own my car outright, have no student loans, no medical debt, and the credit card debt I do have I was looking to eliminate in a cash out refi. The problem has been my debt to income ratio, even with no debt. I use my car for work, and I have a home office so I am able to write off more than 20k in deductions. As a result my tax liability is very very low and banks seem only to be concerned with "line 31" on the tax returns "net profit.&nbsp;<br/><br/>It seems the banks have overcorrected themselves from the days they would give anyone with a pulse a home loan.&nbsp;<br/><br/>The loan officers were calculating my dti with nothing but my housing expenses and it was still too high. Prior to my owning this home I rented an apartment that was double my mortgage payment on the same income. Common sense seems to be missing.&nbsp;<br/> Thu, 12 Jul 2012 03:32:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2012-07-12T03:32:00Z Do you have any other payments ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ Do you have any other payments such as a&nbsp; - car or credit cards etc..? <br/><br/>If yes, ask the loan officer to look at paying off debt through the loan to eliminate those payments. <br/><br/>This would be considered a cash out refinance so your rate may go up depending on the loan to value after the appraisal is completed.<br/>Good Luck to you! Thu, 12 Jul 2012 02:09:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2012-07-12T02:09:00Z Hi Tom,&nbsp;Thanks for you ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ Hi Tom,&nbsp;<br/><br/>Thanks for you response. Unfortunately our community is no longer FHA Approved. I do believe it is warrantable.&nbsp; Thu, 12 Jul 2012 01:32:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2012-07-12T01:32:00Z The non-occupying co-borrower ... http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ The non-occupying co-borrower loan is FHA only.<br/>But those rates are awesome.<br/>I have done a lot of non-occupant loans for people who have been denied elsewhere(some loan officers don't know how to do them).<br/><br/>The bad news about the FHA route is the PMI. Regardless of equity, you will still have it for 5 yrs minimum.<br/><br/>Do you know what a 'Warrantable' Condo is? Or what 'Non-Warrantable' means?<br/><br/>Your Condo Association will know if the condo is warrantable or not. <br/>We need to know that.<br/><br/> Thu, 12 Jul 2012 01:25:00 GMT http://www.zillow.com/advice-thread/Self-Employed-with-excellent-credit-seeking-portfolio-private-loan-in-Austin-Texas/450676/ 2012-07-12T01:25:00Z