U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-05-2007, 07:16 PM
 
Location: Lansing
79 posts, read 396,815 times
Reputation: 62

Advertisements

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?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-05-2007, 08:38 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,693,146 times
Reputation: 1008
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
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-06-2007, 05:54 AM
 
Location: NC
1,264 posts, read 2,205,424 times
Reputation: 554
Keep it simple, go stated, if your score allows you to.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-06-2007, 09:46 AM
 
4,990 posts, read 12,714,659 times
Reputation: 3806
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-06-2007, 12:06 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,693,146 times
Reputation: 1008
i would go full doc....they wont require tax returns if you have a good score. (and with 20% equity/80% LTV)
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-07-2007, 05:05 PM
 
71 posts, read 225,070 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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6. The time now is 07:34 PM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top