Please HELP W/ Refinance Problems...
I am looking for any help I can get. I have been trying to refinance for 6 months to no avail. I own my own business so what is claimed at the end of the year is always a small amount. Here are the numbers.
California Property
1ST Morgage - $225K @ 9.4%
2nd HELOC - $72K @ 8.25%
Property appraised @ 340K
Bank statements showing 20K+ / Month
Flawless mid fico @ 745
I just want a straight refi / no cash out
I have been approved many times but each time there are numerous conditions that blow the deal. Recently I was approved through CW, but the conditions were to go full doc. Anther one was blown because they wanted 30K in reserves.
The main problems seem to be that there are no stated programs available. We are pushing the value to come in @ 90%LTV.
PLEASE if any one has any suggestions. I would like to refi and keep the house but I will consider creative options that include getting rid of the house. At this point my ARM has adjusted twice and I feel I need to take action before I get in a situation that I cant afford.
Thanks in advance.
The first person I worked with was the VP of a large mortgage broker or a reputable company. The latest has been also a trustworthy person who has spent a lot of time on this file.
I also contacted my local credit union who told me they had NO stated programs available. At this point I may have to get creative with how I work it...
I feel your pain!
Can you find someone to cosign for you? My solution was to take on a partner with serious W-2 income who does all the borrowing and gets tax benefits.
Chris