Cash Our Refi for Self Employed

[James Williams]

Hello All,

     I am a re broker. I have a few clients asking if there are cash out refi lenders who will lend without having to review their tax paper work. I know that to be a stated income loan, but most of the lenders I have spoken to want tax returns even if they're vetting the property more than you. 

Thank you in advance for all the responses.

[Albert Bui]

There would be programs (non QM or non qualified mortgage) that would allow for both primary and investment/second home use for cash out refinances. We're not licensed in NY however you'll just need to find a mortgage broker who has access to these. NY is a tough state to get licensed in (one of the toughest) but they should have access to the non QM lenders. Typically you'll have a rate premium of 1-3% higher than conventional loans and 1-2 points more as well so dont be surprised. 

The LTV's typically are 75-80% LTV depending on occupancy. Ive seen LTV's as high as 95% LTV on purchase/rate term refinance but cash out I think high as 85% for these programs.

Best of luck,