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Private Lending & Conventional Mortgage Advice

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Faiz Kanash
Pro Member
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Cash-out refinance income requirements?

Faiz Kanash
Pro Member
Posted Apr 7 2024, 20:17

Hey all,

Just had a general quick question.. What is the income requirements for a cash-out refinance on a property? More specifically, how many years of tax returns is needed to be shown to qualify for a cash-put refinance? I'm looking to do a personal project of mine where i'll be building my own personal residence and decided to do it with just straight cash, and the idea was to cash-out refinance the property after it's completed. However, the issue I have is that I only have 1 year of solid income from the business, the year prior to that is inadequate, and I know most mortgage companies require 2 years of income to qualify. I wasn't sure if that'd also apply to a cash-out refinance on a property that's already paid off?

Thanks!

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