Refinance without verifiable income
I'm trying to figure out a way to get a refinance on a stabilized rental property even though I don't have any verifiable income at the moment. What options do I have? The property is in Kansas City, Missouri. Thanks BP!!
Get a commercial loan? Do you have assets?
@Lee Ripma Just my personal residence. I have the means to buy and rehab a property. Now I'm trying to figure out how to refi with not much verifiable income
@Shawn Foster I would reach out to a broker in your area. There are plenty of programs out there with out income documentation.
@Shawn Foster Best bet: reach out to mortgage brokers in your area. You can also look at bridge loans which can be backed by the asset. This can help you access quick financing but beware that the onerous terms can be tricky to manage if your rehab projects goes behind schedule.
Call around to a local community bank or find a national portfolio lender.
I personally like using commercial loans. They are way less strict on this stuff because they hold the notes. Now that I've used commercial banks I find the residential lending process incredibly painfull!