Cash out refinance with little proof of income

Cash out refinance with little proof of income

Member since 2019 · 3 posts · 0 votes

Can somebody who is not self employed, has a lot of equity, excellent credit, no debt and 30 thousand in savings but can only prove very little income because the majority of their income comes from tips, do a cash out refinance? Are there banks, credit unions or mortgage companies that are able to refinance loans without proof of income in the Denver area? Any help will be much appreciated, thank you. 

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Jonathan Taylor SmithBusiness Member
Rental Property Investor · Durham / Raleigh (Triangle), NC · Member since 2015 · 841 posts · 803 votes
6y

@Tommy Foltz - Is this for your primary residence, or a rental property that itself produces income?

Blue Chariot Realty & Management4.915 Reviews
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  • Jonathan Taylor SmithBusiness Member
    Rental Property Investor · Durham / Raleigh (Triangle), NC · Member since 2015 · 841 posts · 803 votes
    6y

    @Tommy Foltz - Is this for your primary residence, or a rental property that itself produces income?

    Blue Chariot Realty & Management4.915 Reviews
  • Member since 2019 · 3 posts · 0 votes
    6y

    @Johnathan Taylor Smith this is my main residence I lived in for 14 years. I want the cash out money to buy my first rental properties. 

  • Lender · San Diego, CA · Member since 2019 · 874 posts · 355 votes
    6y
    Originally posted by @Tommy Foltz:

    Can somebody who is not self employed, has a lot of equity, excellent credit, no debt and 30 thousand in savings but can only prove very little income because the majority of their income comes from tips, do a cash out refinance? Are there banks, credit unions or mortgage companies that are able to refinance loans without proof of income in the Denver area? Any help will be much appreciated, thank you. 

     Hi Tommy, the short answer is yes. There are alternative qualifiers like - Alt Doc - 12- or 24-months bank statements. If you deposit your cash this might work.

  • Member since 2019 · 3 posts · 0 votes
    6y

    Thank Guifre, I'll look into that. Every dollar I make does go through my checking account. 

  • Real Estate Broker · Bakersfield, CA · Member since 2018 · 269 posts · 597 votes
    6y
    Originally posted by @Tommy Foltz:

    Can somebody who is not self employed, has a lot of equity, excellent credit, no debt and 30 thousand in savings but can only prove very little income because the majority of their income comes from tips, do a cash out refinance? Are there banks, credit unions or mortgage companies that are able to refinance loans without proof of income in the Denver area? Any help will be much appreciated, thank you. 

    Proving your tip income should be no problem since you claim it all on your tax returns.. right??  ; )

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