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Updated over 5 years ago,
Refinance Primary Residence
Can someone help? I am searching for a new loan, I must refinance my primary home to get out of a horrible interest rate. I have good credit and no debt except for this mortgage but get turned down for low income. I am not a bad risk. I rent rooms out of my house but lenders wont take that income into account. I have a free and clear rental and a disability income as well. Is there anyone out there that knows of a stated income refinance opportunity? After 20 years I haven't even paid down the principle. Its devastating.
It sounds like you are going to need a commercial loan instead of a conventional Fannie/Freddie loan due to your DTI.
There are lots of stated income lenders in the commercial space so just make sure you are speaking to loan officers who deal with commercial loans and not regular conventional ones. Start with small local banks and credit unions.
@Brenda Whittaker Some lenders, even stated income ones, will not lend to you if you occupy the home. Given that you have a F&C rental, you may be able to move house and refi afterwards.
What rate are you currently at? I may be able to help. Send DM if still interested