need to refi out of hard money using stated

[terry4494]

says it all above. two houses both valued over 300k have hard money loans at 220 and 210. credit is over 700 and would like to cash out if possible but still need to refi either way. not able to find lender to do this. any help will be appriciated.

homes are located in mesa,az

[Investment Loans]

Most all stated loans on investments have been reduced to 70-75%, so I think you will be ok there.  Cash out with little seasoning time will be harder as guidelines seem to change daily now.  There had previously been one lender allowing this .  Full doc would be much easier for that.  Please list how many financed properties (1-4 unit properties only) you own.  Also comment on your employment history covering the last 2 years.  Why do you believe stated is your only option?

[terry4494]

I work with my fathers business. I have been there for about 6 years but my reported income is under 30k. and his business has the same last name which makes things even more difficult from what I have been told.

Currently I have my house and the above mentioned two properties

[Dave T]

Do the two properties generate income?  How long have you owned them?

[Investment Loans]

Working for a relative's company can definitely be challenging when it comes to income.  Most lenders will only allow full doc for that.

You should realize that a stated income program is not a loan where you can state that you make $60,000 (as an example) when you only report $30,000 in income.   State programs allow you to state what you truly grossed and reported.   The benefit for this program is for those that really make and report the income but write most of it off for tax purposes.   If you earn more income than what you report is evident through looking at the deposits on your bank statements over the last 12 months?

[christopher w]

Are the properties rented? If so, that may help because you can use a portion of the rent to go towards your qualifying income and ratios. The other thing I have noticed about stated income deals these days is that the lender wants to see a two year history of managing rental properties.

[bosshaug]

Stated products are still available--the difficult part is the AZ market.  Lenders have serious LTV reductions and strict appraisal reviews.