Posted by Bruce Lawson on June 22, 2002 at 20:17:35:
Hi Ant,
The equity is a good part of the equation.
If you can show some proof of the last job before the new one the lender will take that for the two year rule.
Unfortunately for you your score will require you to locate and go with sub-prime usually companies like Beneficial or citi financial and household finance will do your refi for you, expect to pay a little higher interest.
Once you take care of your credit issues that are keeping your score down then you can refi again. Watch for that clause in the sub-prime lenders contract that will limit you from refinancing, some are crazy and will not permit the customer to do a refi for 3-5 years. These are all conditions that we must deal with when we are dealing with credit issues.
Since this is the Financial Forum, just need some advice/help for my personal situation. This will probably require a Stated Program since current income on job will not qualify for DTI. Maybe Mr. Garcia or anyone here might have some contacts in the industry that they can refer.
Was wondering if any of you know of a reputable Lender who does licensed for refinancing for state of New Jersey & has flexible programs for Low FICO, not 2 yr. job history, but has current job (6 months) & has some equity.
Situation is low FICO score of about 560-600, equity is about 40-50K( Home MV is about 300-325K), job situation is only 6 months. No W-2 for 2001 because stayed home with infant child. While spouse just bought business this year & quit corporate america.
Need cash out on Home by refinancing/or 2nd mtg. Hoping to get at least 90 LTV. Any referral would be appreciated.