NEED to RE-FI! Have ALL but 'standard' income!

Private Lending & Conventional Mortgage Advice
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NEED to RE-FI! Have ALL but 'standard' income!

Laura MacDonald
Member since 2017 · 28 posts · 8 votes

Hello! I am desperately looking to do a cash-out re-fi on 2 different

properties. The LTV would be about 58%, we have credit scores around

800, have owned the properties for almost 20 years (verifiable rental

history), current rents would cover PITI (after the cash-out).....but we

are W-2 employees in a new start-up that does NOT have 2 years

history. Can anyone help point me in a direction or refer me to

someone/anyone (??) who could possibly help me? Would need to be at

about 3.375-3.5% to have it make sense. FM/FM loans will not work due

to the fact that they cannot 'count' our income. Any direction would be

greatly appreciated! Thanks in advance.

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  • Nicholas Covington
    Mortgage Broker · Dallas, TX · Member since 2017 · 657 posts · 275 votes
    5y

    @Laura MacDonald

    What state are these properties in?

    0Reply
  • Laura MacDonald
    OP
    Member since 2017 · 28 posts · 8 votes
    5y

    @Nicholas Covington they are in Washington State

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  • Jim Spatzenfeld
    Investor · NorCal · Member since 2015 · 281 posts · 240 votes
    5y

    You might want to consider a “bank statement” loan if you’ve had consistently enough income coming to your bank account, but the interest rate would probably be about 1% higher

    0Reply
  • Laura MacDonald
    OP
    Member since 2017 · 28 posts · 8 votes
    5y

    Jim Spatzenfeld Do you have any suggestions of institutions/contacts I might be able to use for a bank-statement loan?

    0Reply
  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    5y

    @Laura MacDonald You can absolutely find a loan. I know one lender in Washington that can help if you want to DM me.  Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet. You can also read this post on how to find good lenders HERE.

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  • Laura MacDonald
    OP
    Member since 2017 · 28 posts · 8 votes
    5y

    Thanks @Andrew Postell  I would love the contact info of your referral in WA....will DM you.  Thanks for the great advice as well!

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  • Grant SchroederPro Member
    Lender · OR ID AZ CA WA CO NV TN MT · Member since 2018 · 598 posts · 312 votes
    5y

    @Laura MacDonald you can definitely get a loan as a W2 employee in this situation! There are conventional and portfolio options that would allow you to cash out refi your properties and keep your interest rate in the mid 3s as you stated. I will send you a connection request. Thanks for posting on BP! 

    [email protected]541-231-1256
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