Cash-out refinance income requirements?

[Faiz Kanash]

Hey all,

Just had a general quick question.. What is the income requirements for a cash-out refinance on a property? More specifically, how many years of tax returns is needed to be shown to qualify for a cash-put refinance? I'm looking to do a personal project of mine where i'll be building my own personal residence and decided to do it with just straight cash, and the idea was to cash-out refinance the property after it's completed. However, the issue I have is that I only have 1 year of solid income from the business, the year prior to that is inadequate, and I know most mortgage companies require 2 years of income to qualify. I wasn't sure if that'd also apply to a cash-out refinance on a property that's already paid off?

Thanks!

[River Sava]

Hi Faiz - Have you looked into DSCR loans. No DTIs as the loan is primarily based on the property not the borrower. The main factors that are considered are cashflow/DSCR ratio, LTV, and FICO.

Happy to dicuss further!