Stated Income is possible for jumbo borrowers with a credit score of 720, 60% loan to value and at least $100,000 liquid assets that can be deposited in the lending bank. It’s not possible for most people, but it’s a start. Credit scores are fluid and can be changed with some diligence on the borrower’s part in many cases. Lack of property value is also not static. Appraisals are only good for 4 to 6 months, as are the comps. If there has been a foreclosure in you neighborhood that has hurt your property value it will expire in 6 months and cannot be used as a comp after that time. Keep an eye on your neighborhood and be aware of houses that are up for sale. If they sell for higher prices, then your house will gain value and the refinance can happen.
Unlike rocket science, you have to live with the fact that everyone is an "expert" in real estate and real estate financing. They and only they know exactly what is the right move, not only for them, but especially for you. In their opinion you needn't work with professionals as they really don't understand what is the best for you. Do not feel alone, I get it too. You need to have a plan that is entirely about you, complete with goals. If you don't know where you are going you are going to end up where you are heading.
Before I close this column I want to alert you to the numerous changes that have been made or are going to be made soon. The majority of these changes were put through by politicians that are not familiar with or knowledgeable in real estate finance. The vast majority of these changes have resulted in making it much more difficult for most people to secure a loan. The longer you wait to take advantage of these incredible rates the greater the chance of new rules that will keep you from successfully completing your transaction. Sooner or later rates will start moving higher and probably won't return for years, if not decades to the rates we have today. At least take the time to check out what could turn out to be a financially beneficial transaction. It certainly could possibly improve your wealth which is still what the majority of people strive for in these United States.
Roger Schlesinger
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.
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