Looking For An Old Reply From A Mortgage Investor
I am looking for a reply to a question that was asked a couple months ago from a newbie like myself who owns their own home (paid off), is self-employed (I deal in antiques) but has no verified income. Ex-husband is roomate and not on deed and pays utilities, plus extras. I'm trying to get a loan through mtg. broker. My question is could I claim roommate is paying rent on my home to verify income for loan?
Hi Jinjer,
Since you are self-employed.
Just go with the stated income loan program w/assets or without!
The rates are around .50% higher on avg.
This sounds like the best way for you..
If you don't earn very much from your
antiques biz! You can't go full doc!
If your not reporting the rental income
from your ex on your taxes you can forgot it!
GL lakeshore
Greetings Jinjer,
Are you looking to pull money to invest in other properties? Just want to have access to some cash when you need it? Is your credit score decent? Depending on what you want to do, there are many ways you could go.
A HELOC (home equity line of credit) is a good way to have immediate cash available, and only have to pay for what you use. You can find those for 3-4% with stated income. There are also NOO programs for investors that will go 2.95% on stated income. They’ll only go 70% on the LTV, but the interest rate is the same as doing full doc. There are also some "cash out" refi programs that aren’t too bad, but typically with a higher rate.
So, even if you’re income is hard to verify, there are a lot of programs out there that can work for you.
Hope this helps a little.
Does the money that is paid by your roommate for rent and bills go into your savings account before the bills are paid? does he write you a check? or is it a direct transaction with the utility company?(bills)
If the money for rent is placed into your account then it may be usable because you have record of it through your bank receipts let me know if this has been helpful.
Listen to lakeshore. There are many programs available if you have great credit in which you can go stated income.
Good Luck,
Jeff Adam
[addsig]
Thank you all for your responses. I will try to narrow this down. I have a mtg broker who has approved me for an 80% LTV on my own home ($140,000) for home improvement loan. All he needs is a statement from my accountant verifying that I 've had some kind of income in the past two years. I think maybe this would be the best thing to do. I just thought I could get a better rate doing it the other way. Thanks for your good advice and I love this website. I've learned more from just reading these forums than two years of preparing with the Ron LeGrand method. Jinjer