@Anthony Freeman, asset-based mortgage products such as a DSCR loan (debt service coverage ratio). DSCR rates and terms will be less favorable than conventional, but if that's the only way to pull your capital back out of the deal, then I would explore that option.

If you don't have any w-2 income you have two options. If you want to refinance into a conventional loan you will need a cosigner. This is normally a tricky thing to find unless you have a family member with a high paying W-2. If you don't have that you could look for someone to cosign more as a partnership. Maybe you give them a portion of equity and cashflow for cosigning. 

Your other option is to do non-conventional financing. I would need more details to know exactly what the best move for you is but more likely than not a DSCR loan is the way to go. They will look at the finances of the deal, not your personal finances and will lend accordingly. This can get a little trickier if you don't have a proven track record as a real estate investor or proven track record of income for the property but if you have one of those it should be no problem. Even if you dont have one of those if you offer someone with more experience part of the equity/cash flow in order to be in on the deal and give you more credibility that works too.

 @Anthony Freeman  Is this for a primary home or an investment property? 

Hey @Anthony Freeman,

Is this a primary or investment property?

Primary will be hard to refi without proof of income/co-borrower. Investment will be much easier as you can go DSCR and not provide any income documentation.

As Brayden mentioned, would be tough to refinance if this is a primary home. If it's an investment property DSCR would be the go to route here.

If it's an investment property do you operate it as a Long Term Rental or Short Term Rental?

So you're saying there are mortgages that are solely based on my NOI to Debt Service ratio?

 I do not want to get anyone in trouble so educate me on any regulations if I am incorrect please. Can you pay someone to cosign?

 Excuse me I should have been more clear, but this is an investment property I am pertaining to.

 Thank you, that was informative what can I help you with? 

 To my knowledge yes you can! 

Hello Anthony, 

If this is an investment property, you may qualify for a DSCR loan. Lenders qualify you based on the rental income covering the new mortgage payment. No DTI or Personal tax returns are required to qualify. You may go up to 80% LTV on Cash out refinances.

DSCR, Private Money, Seller Financing, Subject Too, HELOC on primary residence, partner with an investor that has funds.

Lots of options out there! Don't let your lack of "paper income" keep you from getting in the game.

 Wow ok thank you. I am really starting to appreciate this community 

Are you successful at raising private capital?

Be sure to have reserves and/or the ability to quickly get a job with excess cash flow; otherwise, a non-paying resident, HVAC system, roof, etc. could lead to loosing the property.

 Cash reserves are good I wouldn't take the risk if they were not right now.  I was simply concerned with expanding and leveraging consistently. Are you involved with Rental Properties?

@Anthony Freeman

Well... Do you have any reportable income?  You do realize that you, as well as many others, can obtain financing with 1099 income, for example?  Or, are you already retired in some way and no longer working and independently wealthy?

Everybody "always" jumps to DSCR and asset based loans, etc.. But they are more expensive generally than getting a conforming loan. Of course, better for those lenders wanting to sell you one...

Good luck.

Do you have a business?  Are you filling schedule C or K1. If so this could be used a period of income.  If not then the non-qm options might help.  

@Anthony Freeman

Ok this one is easy. Conventional is going to be a no go.

Community banks and credit unions should do on balance sheet lending or portfolio loans. These are loans that stay on their balance sheet so they don’t need to confirm to Fannie Freddie guidelines.

The only draw back is that the interest rates might be slightly higher and they typically aren’t long term, think 5-10 years as opposed to 30 year.

Ask real estate investors around your area which community bank is great to work with for investment properties. This will save you a lot of time because each community bank is different in terms of their appetite for loans!

Hope this helps!

A 5-10 year loan must have an exorbitant monthly payment

@Anthony Freeman there are many NO INCOME VERIFICATION real estate investor mortgages available .

DSCR REFI 100%. Expect a higher rate then normal but its perfectly fine.

Everyone saying DSCR but not focusing on the benefit which is that it has the option of amortizing or low interest-only payments. I would say DSCR is an option or getting a hard money refi. It all depends on what the goal is, if you want to sell the property or continue renting. If you want to rehab and sell, hard money. If you want to rent out, DSCR. Soon as you get a W2 income, after few months you can refi conventionally, although that really doesn't matter at this point as DSCR rates are similar as conventional rates and they might even be more attractive due to the benefit being interest only. Last thing to mention, credit is important and all investors look at it (aside from location of property and LTV) to determine risk and therefore rate.