All Forum Posts by: Jesse Rivera

Something is wrong here. You should have received an revised loan estimate when you locked. Mine come directly from the lender, so are correct (because I am a mortgage broker, not a direct lender). But some companies do it themselves, and I guess have the ability to make mistakes or do bad things.

I would fight this. Threaten to turn them over to the state and the nmls. This is a bid deal. 

And loan depot is being sued right now for lying about loan. Allegedly, they approved loans that should have been denied, to pad their numbers for their IPO. Is it true? Time will tell.

You should be ok, but they will ask you why. If you have a good reason (need a bigger house, closer to work, etc) you will be ok. They will ask for a letter of explanation (LOE as we call it, some weirdos call is an LOX, lol).

You can refi the next day, if all you're doing is paying off the old loan. If you want cash out, 6 months.

**Rolls sleeves up***

For conventional conforming loans:

• A lender will not use income for a job that you are not at anymore. To use income there has to be a 2 year history (for bonuses and OT as well) and assurances that the income will continue in the future. Why would they use income that you don't have anymore?
• You're big problem is that because you are self-employed (yes, even if you own an LLC and pay yourself W2), we need to either average the last 2 years income on your tax returns OR if you had a big drop of income for 2020, use that income alone. If Covid messed up your income in 2020, you will be in trouble.
• Should be able to use the income from your LLC, even if you did not do distributions for all of it. Just need to jump through more hoops and prove that your expenses don't eat all of that income.

Hope that helps.

Just finished 2 refinances with private loans. Neither of the lenders (not companies, private individuals) had the original note nor Deed of Trust (CA is a deed of trust state). So we had to jump through extra hoops to get it done. The icing of the cake is one of the lenders lives in Holland and the Embassy was not open (for Notary). More hoops to jump through.

Long story short, refinancing from a private lender is not a big deal, if they have the paperwork needed. You should be fine.

Can you be more specific?

What is your job? How do you get paid? How often do you get paid? How long have you been at this job?

Non traditional income is not a deal breaker. Lender needs to know that the job and income is stable, even if averaged over the year. I did a loan for a woman that owned a Christmas tree lot, she made all her money in Nov and Dec, and didn't work the rest of the year. We averaged out her income over 12 months and we got it done.

They are probably looking for coins in the sofa to help pay for this.

I would run with this, looks like decent pricing.

Welcome! Fantastic idea! Let me know if you have any questions about financing, I do a lot of VA loans.

That's not been my experience.  I've subordinated plenty of 2nds on 30 yr fixed.