Refinance for programs for self-employed

[Jimmy]

Hi - Rates are down & I tried to refinance. But didn't have any luck. I need the stated income program. That was a program they took away when things started to fall apart in the credit industry. Seems they should be bringing that back soon for those who have good credit, high credits scores & no late payments, who just wants a no-cash-out lower rate refinance. That's I wanted to do was get a lower rate, no cash out.

Any body got any advice for me?

[Singh]

Hi Jimmy - I'm in the same boat with you. The self employed refinance programs you're asking about were the stated income and stated income / stated asset loans. Those went away when this whole credit crisis happened.

I'm hoping the government puts something in this "stimulus" package that works like the FHA streamline Refinance Loan. For those of you who aren't familiar with this type of refinance, It works like this. If you already have an FHA loan on your house, then all the bank looks at is your payment history for the last 12 months. If your payment history on the single loan have been current for the last 12 months, then you get to be bumped down to the new lower market interest rate.

Cool process, I hope they do this for all American house holders, instead of just bailing out people who are in default.

[Clarck]

Hi,
Thanks for sharing your ideas and views with us. I would like to know more on this.
CSK

[kelly]

I hope it all works out ok

[StiveWaugh]

hey its a real banking..

[Ravi]

Hi All,

Jimmy & Singh, it looks like stated income is slowly coming back to the "residential" lending industry. The main stream banks are NOT doing these programs yet so you will need a Mortgage Broker to help you find the niche banks (a.k.a. investors) who are offering the stated income loan programs. FYI - You won't find the Stated Income w/ Stated Assets program at this time ... but who knows what tomorrow will bring. Good luck & keep us posted.

[jakcam7]

My husband is self employed. I do not work outside the house. We were turned down by many loan officers and finally found one who worked his butt off to get our fha refinance loan thru. We closed on new year's eve day. The loan officer is a wonderful person to work with. I told him, I would tell anyone who will listen to me about him. If anyone would like to get in touch with him, you can contact him at (502)400-1955 his name is Scott Fields. He knew a lot about self employment and he understood the tax returns, he was incredibly helpful and as I said we were turned down a lot. As soon as people heard "self employed" they told us there was nothing they could do. We had normal closing cost, the going interest rate. Nothing out of the ordinary, just a really knowledgeable loan officer.

[Quanna Bella]

When a business refinances they typically extend the maturity date. When individuals change their monthly payments, or modify the rate of interest on their loan, it usually involves a penalty fee.