Financing in 97214>Question Details

stu, Home Buyer in Portland, OR

i am interested in refinancing my mortgage but am recently unemployed.

Asked by stu, Portland, OR Mon Jul 12, 2010

I have a good credit score and assets and an income from an annuity investment that would make a refi pencil out. Is this income something a lender can count, or do i need income from employment?

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11
Wow, thanks Janeese. I know you and Rodd are an amazing team. :)
0 votes Thank Flag Link Thu Mar 3, 2011
Stu, you've gotten some great answers here. I would contact a trusted mortgage broker asap and run your scenario past him/her. I can personal speak for Mark Aalto (who answered your question earlier). He is professional, reliable and very capable. Give him a call...
Janeese Jackson, Principal Broker
Real Estate Resource
503-709-0802
jj@janeesejackson.com
Web Reference: http://fabulousportland.com
0 votes Thank Flag Link Thu Mar 3, 2011
Stu were you able to obtain financing? if so, from which lender? I have a client who is unemployed and has a similar issue as yours

Thanks!
0 votes Thank Flag Link Thu Mar 3, 2011
Possibly, if it is enough income to support ratios and it will continue for at least 3 years... there are also some asset based programs coming back into play... case by case would need a lot more info.
0 votes Thank Flag Link Wed Jul 14, 2010
Hello Stu,

As mentioned below, if the annuity income is enough to qualify on and it will show to continue, then there would not be an issue. I am assuming you are speaking of refinancing your current owner occupied, 1 unit single family home. The reason I mention this, is so I can be as thorough as possible on current guidelines for your scenario.
0 votes Thank Flag Link Mon Jul 12, 2010
As long as your lender can base an approval on the income from the annuity you should be in good shape. Lenders will look at history and continued likelihood of receiving the income. Good luck - sounds like you have a good shot at this. There are a handful of portfolio lenders that will lend based on assets alone but you would be much better off to get approved for a loan based on income qualification.
0 votes Thank Flag Link Mon Jul 12, 2010
Stu, give Linda Kelley a call. She knows what she is doing. You say you have continued income and assets and that is what the lender is looking for. Good luck to you. Tell Linda I gave you her number.

Tom Inglesby, Broker
RE/MAX Equity Group
503-319-9035


Linda J. Kelley
Senior Loan Consultant
Equity Home Mortgage, LLC
6245 SW Capitol Hwy.
Portland, OR 97239
503.595.7518 office
503.595.7520 fax
503.734.6111 cell
LindaKelley@EquityHome.com
NMLS # 227854
0 votes Thank Flag Link Mon Jul 12, 2010
You should be able to qualify for a refinance since it appears that you have substantial assets. Its a limited product yet there are lenders out there that can provide a solution for you.
0 votes Thank Flag Link Mon Jul 12, 2010
Stu,
I work with a very professional mortgage broker personally as well as refer him to many clients. I would give Rodd Miller at Pacific Residential Mortgage a call. 503-352-7110 or rodd.miller@pacresmortgage.com . Let him know you got his name from me and he will do whatever he can for you. He is easy-going, accessible, VERY professional and knows his "stuff".
The best of luck to you and when getting a loan, patience is a virtue! You can read some of my recent posts on my experiences getting a mortgage on a new investment property at http://www.fabulousportland.com
Janeese Jackson, Principal Broker
Real Estate Resource
503-709-0802
jj@janeesejackson.com
Web Reference: http://fabulousportland.com
0 votes Thank Flag Link Mon Jul 12, 2010
Stu, The best person to answer this question would be a lender. We have found in working with several lenders that their rules are constantly changing and they would be the best ones to ask if you could do a refi at this time. With the interest rates being so low for refi, it would be a good thing to explore. Our clients have worked with several lenders that have served them well. If you are in need of some referrals to some of these lenders, please give us a call.503-228-6989.
Dottie Piepgrass
InSight Real Estate
0 votes Thank Flag Link Mon Jul 12, 2010
Investment income/Capital gains can be counted as income if there is a history as well as proof that it will continue. I'm happy to analyze your situation more fully.

Good Luck!
Web Reference: http://www.pdxhomeloan.com
0 votes Thank Flag Link Mon Jul 12, 2010
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