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Is there a refinance home loan that is based off gross income and not netprofit?

Im self employed and worked out of the same carpet store for 12 years.I have a chapter13 bankruptcy that was discharged as of 08-29-09.I am presently in a loan that is 1074.68 monthly for the past 4 years at 9% interest. Work got slow around first of year and they give me a 6.9% rate and adjusted my payment to 779.00 monthly. they are looking to raise it back upin December and I cant afford it.One morgage company said no problem but then came and said oncethey received my taxes and I grossed 38,000 then seen net profit was what killed me because it drop to 13,000 and they couldnt get around that.Is there a loan that fits my problem of lowering my payment and interest while im trying to build my credit back up andqualify for something better? This is based on118,000 loan and last appraisal came in at 135,000. by cowgirlknox11 from Knoxsville, Tennessee. Feb 12th 2010 Reply


Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 225 contributions

Unfortunately, all Lenders go off your adjusted gross income, which simply means, what did you pay taxes on after all expenses have been deducted. It appears your Lender has already modified your monthly payment & I doubt very much if they would do a 2nd mod but you can always try. The worst thing that can happen is they say no. I do have one Lender that has a program for self employed people using personal bank statements & the deposits for the last 12 months with no overdrafts. The income would be derived from all personal desposits in that account calculated @ 75% total deposits, but based on your BK 13 you would not qualify. I wish I had better choices for you but in this mortgage environment, it is very tough for self employed people even with great credit to get loans.

Feb 12th 2010
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JEFFREY MARTINO YOUNG (FHASUBMISSION.COM)
#226 ranked lender in California - 131 contributions

We are a direct lender that specializes in "Hard Money Loans" We usually charge 9.0% interest on our loans but being that you have some equity and it is a low loan amount I would be willing to do it at 7.5 % but it would be a interest only loan so your payments would be very resonable.Give me a call we could fund loan two weeks time after we recieved a complete appraisal.Jeffrey Young # 310-984-0496

Feb 12th 2010
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