NINA or SISA Jumbo Cash-out Refi at <60% LTV with 680+ credit score?

Posted on Jan 28, 2013 in Stated Income Loans

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Great time to buy or refinance a home
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Question by Mr. Canoe: What exactly is needed to get an average house loan/mortgage?
I’m wondering what exactly are the steps and requirements needed to get a house loan from a bank of say 100k-200k. If you have an average yearly income of 25k/yr is it even realistic to get a loan like that?

Best answer:

Answer by Art Vandelay
Income qualification is usually 2.5 to 3.0 times your gross annual salary. So at 25k per year you would qualify for a loan between 62, medical 500 and 75, sales 000 (depending on the lender requirements). This amount would be between 80% to 95% of the cost of the home you are buying.

You would also have to qualify based on your debt load (credit cards, car payments, etc.), and on your credit history.

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Question by Jon C: Just wanted to if anyone successful refinance your mortgage with Citimortgage throught the Making Home Afforda?
Just wanted know to if anyone successfully refinance your mortgage with Citimortgage throught the Making Home Affordable Program? I have been calling Citi and left my infor. and there is no one returning call. Its frustrating, this I just wanted to take advantage of the low rate. I don’t know if the same thing happen to other people.

Best answer:

Answer by dawnb
The making home affordable program was frozen about a month ago and is no longer available.

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Question by Postal: NINA or SISA Jumbo Cash-out Refi at <60% LTV with 680+ credit score?
I’m currently building a house that will cost as much as $ 700k and should be valued at 1.2 Million. One construction is completed I need to refinance out of the construction only loan, thumb but I would also like to cash out to replace the money that I had to inject in to the project to get it off the ground. Are there any Jumbo Cash-out refi programs that will work with me at a 56%LTV? Perhaps a SISA would be okay as well as a NINA. Any ideas on rate, page in this market? I’m in PA.

Best answer:

Answer by atlanticpacificrc
My name is Robert Cohen, decease i work with a direct lender out of Philadelphia. I beleive id be able to help you with refinancing. Send me an email, my email address is my yahoo name @ yahoo dot com. By speaking to you id be able to get a much better feel for the situation but from the looks of the prelimenary specs we have programs that would work for you.

Look forward to hearing from you and doing business together.

Thanks,
Robert

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