I currently have a mortgage of 87,000 and my company say they will not lend any more as i can not prove my income. I only need an extra 22,000 and am not sure as what to do now?
2006-12-06 23:21:15 · 6 answers · asked by markell 1 in Business & Finance ➔ Renting & Real Estate
You could take the equity off the house (if you have any). You don't say how long you have been buying?
2006-12-06 23:34:03 · answer #1 · answered by David 4 · 0⤊ 0⤋
As a loan officer, I understand your position. Depending upon your credit score, there may be programs where you do not have to prove income. There are other companies that we can document income in non-traditional ways. For example, some companies will allow you to use bank statements and use a percentage of the deposits as income.
There are many programs out there. It depends upon your entire situation. If you have any questions, let me know. I hope that this helps.
2006-12-07 05:56:50 · answer #2 · answered by Mama of Four 4 · 0⤊ 0⤋
Ask a different mortgage company. Not being able to prove income is not reason enough to be denied a cash-out loan. Has to be a combination of things like credit and/or employment history, DTI, LTV, etc. Check with a few different lenders.
Rick
http://www.fairwaymortgagelending.com
2006-12-07 02:14:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There are loans available for self employed or those with incomes that are hard to verify. The qualifying criteria allows for you to state what you make without having to provide proof. It is called "Stated Income".
Here is some additional info. Hope this helps.
2006-12-07 03:44:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Have you tried other mortgage companies, or an independant financial advisor, there are ways and means of doing things if you can afford a bigger mortgage, just finding the right lender.
2006-12-06 23:36:06 · answer #5 · answered by currynut 2 · 0⤊ 0⤋
vikki says dont spend ya money no more ya tit
2006-12-06 23:31:53 · answer #6 · answered by steven W 1 · 0⤊ 0⤋