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Old 12-05-2007, 06:16 PM
 
Location: Lansing
79 posts, read 417,711 times
Reputation: 62

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Me and my husband are looking to refinance our home in which we have about 50% equity. The problem is we are both self-employed and since stated income loans have gone the way of the dodo bird we are going to have to use our last 2 years of tax returns. The problems is we depreciate a large amount of our income away (we have rental properties). Will the bank take that into account...and will they use the most recent number or average the two?
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Old 12-05-2007, 07:38 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,556,032 times
Reputation: 1009
yes.....generally when your LTV is less than 80% you can state your income w/out them verifying it.

You will need a 700+ score though
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Old 12-06-2007, 04:54 AM
 
Location: NC
1,268 posts, read 2,327,844 times
Reputation: 566
Keep it simple, go stated, if your score allows you to.
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Old 12-06-2007, 08:46 AM
 
5,340 posts, read 14,096,345 times
Reputation: 4699
Stated loans are still availble.
Derpreciation is usually added back to income.
It could go either way-only last years tax return or a 2 yr. average.
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Old 12-06-2007, 11:06 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 16,556,032 times
Reputation: 1009
i would go full doc....they wont require tax returns if you have a good score. (and with 20% equity/80% LTV)
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Old 12-07-2007, 04:05 PM
 
71 posts, read 239,792 times
Reputation: 23
stated is available... good credit (680 or better).

depreciation usually added back.

may be able to find a loan that does not require verification of income since you have good equity... you will need good credit (700+). Let me know if you'd like a lender recommendation.
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