Financing in Los Angeles>Question Details

Walter. S, Real Estate Pro in Los Angeles, CA

Any loan broker knows a lender will refinance less than 6 month of purchase, $102k mortgage owned. 40% equity in Riverside county

Asked by Walter. S, Los Angeles, CA Thu Aug 29, 2013

Just closed a home with high rate. If you know a lender who will refinance with stated income VOE only. please let me know. mortgage $102k, 40% equity, credit score 730.

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Answers

8
Your ability can depend on other factors as well that you have not specified. I would be more than willing to spend time to talk to you to see if I can refinance you. I have done a lot of purchase loans and refinances around the Los Angeles area so please give me a call so I can try to help you out.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 24, 2014
Hey, Walter, if you're still looking, please check out BankerBroker.com. I don;t know about the less than six month issue, but you will find their program here: http://www.bankerbroker.com/voe-home-loan-verification-of-em… and you can take it from there, Good luck, my friend! I commend you on your purchase and wish you all the best the rest of the way. Regards, Rolan
0 votes Thank Flag Link Mon Sep 30, 2013
I thought I was reading a post from 2005. We have no stated income loans currently in FL, so was surprised to see it could be still happening in CA. Is this a sign of "thawing" in financing?

One lender recently emailed me advertising a loan with income review, based on bank statements' income, but the rate was pretty high. It was the 1st instance since 05'.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Sat Sep 28, 2013
Hi Irina,
No, traditional lending guidelines are still the same here in CA. Stated income loans are made mainly with significant down payments through hard money or private money lenders. They are usually available only to investors for business or investment purposes, as loans for owner occupied properties need to show an ability to repay.
Flag Sat Sep 28, 2013
You have a great credit score and solid equity, but the high rate is due to the stated income. Only hard money lenders are doing stated income, and their rates usually start around 7.99%.

If you want to try for a traditional mortgage with the best rates possible, I could qualify you for a payment on $60,000 with roughly $1150 in monthly income over the past two years, assuming you have no other debts and meet all other guidelines. This number would be adjusted accordingly depending on other monthly debt expenses, and could even be lower depending on the automated underwriting decision.

I could have an approval for you within 3-4 days if you'd like to apply.

You can start your application online at: https://equitybuilders.startmyapplication.com/smaweb/index.jsp

My direct number is 714-603-9383.
0 votes Thank Flag Link Sat Sep 28, 2013
You mean the guy that copies and pastes "I can certainly help you out there" to every single post could not help you out?

Sorry for the sarcasm, I'm sure it's frustrating to be sent on a wild goose chase. I just don't know why people post they can do something when they cannot.

A few questions for you.
What rate are you at? VOE programs will carry a higher rate anyway so even if you did find one it might prove futile.
Why do you need a stated income product? The loan amount seems relatively small; what is your DTI with whatever income you can verify?
And finally, what income can you verify and have you had an experienced loan officer look at it for you?
0 votes Thank Flag Link Wed Sep 4, 2013
Still looking for a lender! please post your contact info.
0 votes Thank Flag Link Wed Sep 4, 2013
I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Fri Aug 30, 2013
Walter,
I have a mortgage broker with whom I work closely, name is Brook Johnson. I would love to put you in touch with him. Just send me an email or give me a call, and I will get you his contact information immediately. He can help answer any questions you may have, and work to get you a lower rate.

Looking forward to your response,
Alan Kurpiewski, REALTOR
CA BRE Lic. 01912043
(619) 35-HOUSE
(619) 354-6873
http://www.homes4schools.com
homes4schools@gmail.com
0 votes Thank Flag Link Thu Aug 29, 2013
Called Brook Johnson left a message. never called back.
Flag Wed Sep 4, 2013
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