Refinancing Owner Occupied Creatively - Stated Income/Low Doc...

[Paul Alexander]

Hi all,

I have 8 rental properties and will be refinancing them and pulling out cash, but first want to refinance my primary residence in a nontraditional way because I'm transitioning from being a W-2 professor to a self-employed investor.  I've talked to a few asset based/stated income/alternative income verification, etc. lenders but most focus exclusively on investment properties - which is great.  But I need one to do an an owner occupied for me, on a property with good equity.  Any suggestions or recommendations?

Many thanks,

Paul

[Chris Mason]

Hi @Paul Alexander,

With 8 cashflow positive rental props, you might be able to do a vanilla fnma/fhlmc loan... your 'job' is landlord. Qualifying income. 

Go find a LO that'll show you their math. Rent * 75% is not the correct calculation here, you will know you found someone probably doing it right when you see them perusing your Schedule E, leases, and mortgage statements. 

Don't give up and go hard money until you find someone genuinely running the numbers for soft money!