Cash Out Refi w/o W-2…how the do you do this?!

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Chad Davis
Lender · Richmond VA · Member since 2012 · 320 posts · 33 votes
3y

@Dustin Sanders DSCR lender. No taxes or W2 required. Based off property, credit, income and expenses. PM sent

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  • Chad Davis
    Lender · Richmond VA · Member since 2012 · 320 posts · 33 votes
    3y

    @Dustin Sanders DSCR lender. No taxes or W2 required. Based off property, credit, income and expenses. PM sent

    3Reply
  • Jack Mawer
    Lender · Member since 2022 · 338 posts · 374 votes
    3y

    What Chad said - a DSCR loan will strictly view your FICO and the asset cash flow and is a program strictly for rental/investment properties

    2Reply
  • Jay HurstBusiness Member
    Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    3y
    Quote from @Dustin Sanders:

    I quit my W-2 and like many of you, I have solid equity with my portfolio now. How do I do a cash out refi now that I am no longer working?

    Thanks in advance!

     @Dustin Sanders As mentioned, the Debt Service Coverage Ratio (DSCR) will only look at the income the subject property is bringing in. No other income documents would be needed. So, for a cash out you can pull out enough to keep your PITI a buck lower then the rent if you wanted to up to the LTV restrictions of the program.

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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    You may still qualify for conventional financing, if you don't can use DSCR lending

    0Reply
  • Lyndsay Zwirlein
    Lender · Member since 2020 · 331 posts · 209 votes
    3y
    Quote from @Dustin Sanders:

    I quit my W-2 and like many of you, I have solid equity with my portfolio now. How do I do a cash out refi now that I am no longer working?

    Thanks in advance!


    Like everyone is saying, there are a lot of non-qm (non qualified mortgage) options now like DSCR, bank statement loans, asset depletion, etc. I'd get with a broker who does all of them to see what options work for your scenario.

    What I've seen with most clients is the non-qm options have higher rates so it really impacts cash flow.  Depending on property type, you can also look at blanket lien options and perhaps even commercial. The balloon stinks but rates are better. 

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  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    3y
    Quote from @Dustin Sanders:

    I quit my W-2 and like many of you, I have solid equity with my portfolio now. How do I do a cash out refi now that I am no longer working?

    I'll just add for others- get any mortgage or equity loan, Heloc or LOC you may need PRIOR to quitting!

    That said, I had to have 2 tax reported years of rental income before I could qualify conventionally and it still sucked.  I enjoyed the process so much I haven't really been back for that pain since about 2012.  

    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Dustin Sanders:

    I quit my W-2 and like many of you, I have solid equity with my portfolio now. How do I do a cash out refi now that I am no longer working?

    Thanks in advance!


    DSCR loan, private money, and hard money will work.

    [email protected]818-269-7983
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