As self employed folks, we generally end up with no doc type loans. We'd like to do a no doc cash out refi on our personal residence but we haven't dealt with brokers since before the big financial meltdown so I'm not sure what the process for a no doc looks like in todays climate. Our house appraises for between $750k - $900k depending on the appraiser (yes, it's that varied right now) and we have a mortgage of $167k that we'd like to refi plus $50k for debt payoff, etc.
Can anyone share what that process might look like and how doable this is right now?
@Theresa Allison I can't speak for every lender here but in general there will always be some sort of documentation needed now. There are plenty of loans out there that don't require income but they'll likely still need to check your credit, bank statements, tax returns, etc. to qualify you. It is absolutely possible to ignore "taxable" income. So if you make money, but have no "taxable" income then that will allow a lot more loans to be accessed. But if you aren't claiming income on your taxes that you make, it might make it harder, but still possible. You'll need to either call to small banks for this type of a loan or work with a mortgage broker - specifically, a loan officer that works with multiple banks. Brokers call banks looking for these types of loans and may already have a few that they can use for you. Hope this helps!