What Do You Do When Youve STOPPED Working?
I recently got out of the army and am finding out just how hard it is to do anything if you dont have any proof of income. I own two properties, one of which I rent out and manage myself and the other is my primary residence in which I rent out 3 of the rooms. I was trying to refi the second on the home in which I live in when I was denied because my debt to income ratios were well over 100%. I have plenty of money in the bank and my credit score is above 740. Is there anything I can do here with trying to refi this property and any other loans I want in the future? Do I have to get a job again just so I can secure a loan? Any thoughts would be helful, thanks again.
John G
*I should note the reason why Im trying to refi the second on the home in which I live. The rate is currently varible and Im trying to get it fixed and have a steady payment each month.
Without a job, you would have to go with a No-Doc loan. However, it may not help you at all, as the rates are going to be high.
If you could show any kind of self-employment, with two years in the same line of work, you could get away with a No-Ratio loan. The rates would be better than a No-Doc, but it still may not accomplish what you’re looking for.
Hope this helps a little.
Maybe more folks on this site will have some other ideas for you.
No-doc or low doc is it. I do not think no-doc necessarily causes a higher rate. It did not in my case because I had enough equity.
How long have you been out of the army? You might still be able to use those documents along with bank statements and asset declaration