Refinance?

[economissed]

Hey I hope someone can advise on my situation:

Purchased home for 159900 Oct. 2008 10% down with a rate of 6.625 30 year fixed stated income (partially self-employed)

Current principal balance is approx. 143,000, at the time of purchase, bank appraisal came in at $210,000. Since then I have also put in wood floors on the first level and installed sod in the backyard.

If possible I would like to refinance to a lower rate, my credit score is somewhere around 720.

Does anyone have an idea on the likelihood of a refinance at a lower rate? Should I talk to my lender first? What kind of rate might I expect? I can afford what I’m paying, I’d just like to take advantage of the current rate drops. First time purchase and will be of course first time refinancing.

Thanks in advance.

[HLS]

If you cannot document your income to meet guidelines and qualify, you have no chance of refinancing to a FNMA loan.

Rates are around 5% today, but there are no stated income programs that I am aware of at this rate.

It can’t hurt to talk to your current lender…HLS

[HLS]

If you cannot document your income to meet guidelines and qualify, you have no chance of refinancing to a FNMA loan.

Rates are around 5% today, but there are no stated income programs that I am aware of at this rate.

It can’t hurt to talk to your current lender…HLS

[HLS]

If you cannot document your income to meet guidelines and qualify, you have no chance of refinancing to a FNMA loan.

Rates are around 5% today, but there are no stated income programs that I am aware of at this rate.

It can’t hurt to talk to your current lender…HLS

[HLS]

If you cannot document your income to meet guidelines and qualify, you have no chance of refinancing to a FNMA loan.

Rates are around 5% today, but there are no stated income programs that I am aware of at this rate.

It can’t hurt to talk to your current lender…HLS

[HLS]

If you cannot document your income to meet guidelines and qualify, you have no chance of refinancing to a FNMA loan.

Rates are around 5% today, but there are no stated income programs that I am aware of at this rate.

It can’t hurt to talk to your current lender…HLS

[economissed]

HLS:

Thanks for the reply. How much would I need to document assuming approx. 143,000 loan, with about $150/mo in other debt obligations? What would be sufficient documentation? (e.g. paystubs, tax returns, etc.)

Are there no programs that would put much more weight on LTV and FICO? At October’s numbers I had an estimated LTV of about 68%, I realize the market may have dropped a bit since then but with additional sweat equity and the small amount of principal put into the home, I think I’m still at least at about the same LTV currently.

[economissed]

HLS:

Thanks for the reply. How much would I need to document assuming approx. 143,000 loan, with about $150/mo in other debt obligations? What would be sufficient documentation? (e.g. paystubs, tax returns, etc.)

Are there no programs that would put much more weight on LTV and FICO? At October’s numbers I had an estimated LTV of about 68%, I realize the market may have dropped a bit since then but with additional sweat equity and the small amount of principal put into the home, I think I’m still at least at about the same LTV currently.

[economissed]

HLS:

Thanks for the reply. How much would I need to document assuming approx. 143,000 loan, with about $150/mo in other debt obligations? What would be sufficient documentation? (e.g. paystubs, tax returns, etc.)

Are there no programs that would put much more weight on LTV and FICO? At October’s numbers I had an estimated LTV of about 68%, I realize the market may have dropped a bit since then but with additional sweat equity and the small amount of principal put into the home, I think I’m still at least at about the same LTV currently.

[economissed]

HLS:

Thanks for the reply. How much would I need to document assuming approx. 143,000 loan, with about $150/mo in other debt obligations? What would be sufficient documentation? (e.g. paystubs, tax returns, etc.)

Are there no programs that would put much more weight on LTV and FICO? At October’s numbers I had an estimated LTV of about 68%, I realize the market may have dropped a bit since then but with additional sweat equity and the small amount of principal put into the home, I think I’m still at least at about the same LTV currently.

[economissed]

HLS:

Thanks for the reply. How much would I need to document assuming approx. 143,000 loan, with about $150/mo in other debt obligations? What would be sufficient documentation? (e.g. paystubs, tax returns, etc.)

Are there no programs that would put much more weight on LTV and FICO? At October’s numbers I had an estimated LTV of about 68%, I realize the market may have dropped a bit since then but with additional sweat equity and the small amount of principal put into the home, I think I’m still at least at about the same LTV currently.

[HLS]

You may need to wait 6 months+ to use a value higher than purchase price,so you have 20%+ equity and avoid mortg ins..otherwise it’s a 90% loan,however you have done improvements.

Common sense is gone. They don’t lend on equity.It’s an automated underwriting system.

For self employed, you probably need 2 years tax returns of steady income. W-2 wage earner with pay stubs may get by with less.

For the numbers you are talking, you will probably need $2000-$2500 a month minimum income.

Are you in CA ?? you can contact me directly if you want for more info.. [email protected]

[HLS]

You may need to wait 6 months+ to use a value higher than purchase price,so you have 20%+ equity and avoid mortg ins..otherwise it’s a 90% loan,however you have done improvements.

Common sense is gone. They don’t lend on equity.It’s an automated underwriting system.

For self employed, you probably need 2 years tax returns of steady income. W-2 wage earner with pay stubs may get by with less.

For the numbers you are talking, you will probably need $2000-$2500 a month minimum income.

Are you in CA ?? you can contact me directly if you want for more info.. [email protected]

[HLS]

You may need to wait 6 months+ to use a value higher than purchase price,so you have 20%+ equity and avoid mortg ins..otherwise it’s a 90% loan,however you have done improvements.

Common sense is gone. They don’t lend on equity.It’s an automated underwriting system.

For self employed, you probably need 2 years tax returns of steady income. W-2 wage earner with pay stubs may get by with less.

For the numbers you are talking, you will probably need $2000-$2500 a month minimum income.

Are you in CA ?? you can contact me directly if you want for more info.. [email protected]

[HLS]

You may need to wait 6 months+ to use a value higher than purchase price,so you have 20%+ equity and avoid mortg ins..otherwise it’s a 90% loan,however you have done improvements.

Common sense is gone. They don’t lend on equity.It’s an automated underwriting system.

For self employed, you probably need 2 years tax returns of steady income. W-2 wage earner with pay stubs may get by with less.

For the numbers you are talking, you will probably need $2000-$2500 a month minimum income.

Are you in CA ?? you can contact me directly if you want for more info.. [email protected]

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