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No/Low Doc Refi or HELOC Needed. House is paid off (No current loans) and would like to pull equity from it.

SE Florida. Single family, detached home. Primary residence - owner occupied. House was purchased in May 2012 w/cash.House appraised for $460k.Borrower and Co-Borrower (Husband/Wife) have Credit scores 780/760. Own several other properties - some of which are free and clear, others have mortgages, properties with mortgages are far above water.In a perfect rate I would like to pull out as much as I can and still get a favorable fixed rate, however I'd like to hear what you can offer.*** Not interested in hard money. ***Thanks! by yoland_150_310 from Broward, Florida. Jun 17th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

.. Just so you don't get distracted by all these offers.. Under the Financial Reform Act... there are no such thing as a "Stated Income" or No doc's loan... any conforming financing will require tax returns, w2's and or 1099's ... if you cannot prove your ability to pay with this type of documentation, you will need to use private money... even portfolio loans are insured, so they need to meet the same proof of income standards as conforming... depending on your needs, private (Hard) money loans are not always that bad... there are some lenders out there that have reasonable rates and fees considering the program.. Under private money loans, they too have to comply with Financial Reform Act, but there is no mortgage insurance, so for them, they can use their own rules for proving the ability to pay... I've seen some of these lenders only require 2 months bank statements showing enough deposits to support the new housing payment... The Scotsmanguide.com is a good source for this type of lending. They have a search tool to look for your loan scenario.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 17th 2012
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Please call me @ 214-727-9281 to discuss your optionsJeff DobbsGold Star Mortgage

Jun 17th 2012
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Edit: Self Employed borrowers for over 20 years.@ jdobbs: Thanks for the reply. Can you shed some light on what you offer based on the information above? Thanks!

Jun 17th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

First, I need to know what lender that you went thru.. IT MAKES a difference, also, check on your deed or note, to see if there is anything that the lender put in, a lot of lenders want a 6 month commitment at least. what was your purchase price?? that it what it will be valued at , since it is less than 4 months from purchased, and if anyone tries to tell you different, run, i have been a underwriter before, and a compliance officer for different lenders. You can contact me via the phone, 602-330-1598 or by my email which is yourloanpartnerforlife@live.com

Jun 17th 2012
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Linda... ??? ??? ???Lender I went through? (There is lender. Bought with cash)Purchase Price: $430KCan you shed some light on what you offer based on the information provided. If you need more information, let me know.

Jun 17th 2012
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(My previous reply should read: there is NO lender -bought with cash.)

Jun 17th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

to be considered a owner occupied property, you need to be in the house for 60 days, which that means closing after july, for the best rate, and the be best loan to value would be 80% of your purchase price, or appraised value, to avoid mortgage insurance .. how many properties do you currently have with mortgages?? I can go up to 10 properties with mortgages, and the rest we qualify with the taxes and insurance on each property, rolled into your debt..

Jun 17th 2012
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@Linda. Thanks for your help. I'm looking for No or Low Doc -- likely a portfolio lender or something similar.5 total properties. 3 without mortgage. 1 with mortgage @ 50% LTV and 1 with mortgage at around 85% LTV.Kindly re-read the requirements in my original post. ;)

Jun 17th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

i am currently doing cash out for 6 different properties that other loan officers didnt qualify correctly and could not get the loan done for these borrowers, and they had to take out cash out of their retirement or stocks to buy and the house ,and want to replenish their accounts, and to get the best pricing, they have to qualify, there are no no doc loans anymore... ..

Jun 17th 2012
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@Linda. Sorry you can't help me.

Jun 17th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

i do work with private money investors.. a lot better than hard money 50% of value.. no questions asked , i need your address first..

Jun 17th 2012
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@Linda. 50% would work. Based on what you've done before, what kind of costs are looking for and what rate. Ballpark is fine -- just need to know if it would be something I'm interested in.

Jun 17th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

email me your address at yourloanpartnerforlife@live.com you can also check my website at www.yourloanpartnerforlife.com you might have to copy and paste in your broswer, it will depend on your internet broswer connection

Jun 17th 2012
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