Is It Possible To Get A Stated Equity Loan With A Co-Signer?

Posted on Oct 22, 2012 in Stated Income Loans

Some cool condominium images:

Terrace Row Condominiums
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Image by davereid2
Terrace Row Condominiums Construction Nears Completion

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Apparently a New Condominium Community on the East Side of Utah Valley
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Image by bterrycompton
Apparently a New Condominium Community on the East Side of Utah Valley. The blue color of every little thing is determined by it becoming dusk.

For a lot more houses click right here…

loan refinance programs
by senatorchriscoons

Question by Matthew: Are there any loan programs out there that would allow me to refinance my home at today’s present market value?
Hello, medications

I have a question for anyone out there that may be able to shine some light on our situation. My wife and I live in Rhode Island and are in the process of expanding our family. We recently had a baby boy and will soon attempt for child number two. Everything in our lives seems to be going as planned with the exception of our current housing situation. We currently live in a two bedroom 1000 Sq. ft. condo and we are busting at the seams. It is time to start looking for a larger home but we like many owe more than the home is worth. Probably about 50K plus upside down.

We both have strong income and good credit so purchasing and affording a new home is not the issue, illness it’s what to do with our current situation. I feel very stuck. Ideally I would like to rent the condo and hold onto it as a future investment, link but being so upside down makes that thought less and less appealing. And selling it would have to result in a short sale and I’m pretty positive that negatively affects your credit.

So my long and winded questions are:
1.Are there any loan programs out there that would allow me to refinance my current home at today’s present market value? The reason I ask is because I vaguely heard about such a program.

2.What do you recommend about getting out of my home and into a new one without destroying my credit in the meantime?

3.Is there another option that exist that would be a good fit for my situation

Thank you all for your help on this.

Best answer:

Answer by Common Sense
No one will allow you to refi while you’re upside down. No way.
A short sale, by the way, is only one baby step above a foreclosure. It destroys credit.
Just rent the damn thing.

Give your answer to this question below!
Question by Manny: Is It Possible To Get A Stated Equity Loan With A Co-Signer?
I am self-employed and own my home free and clear. My credit is pretty good but I have no income verification to provide. I realize stated loans are pretty rare these days. My Mother has a credit rating of about 770-780 and has offered to co-sign on a $ 50, salve 000 equity loan for me. I bought my house a little over a year ago for $ 168, look 000. Is this possible and if so, information pills can anyone recommend a bank to work with?

Best answer:

Answer by Whats Up Doc
Yes it is. Try Suntrust or Bank of America.

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