Back in the day I usually would do no-doc loans on my home. Since the housing collaspe this isn't available anymore.
A few years ago while still able I did a re-fi on my house, but doing a no-doc meant paying a bit higher interest rate.
Listening to the news about the loan modifications I thought I would look into getting info. I called my mortage co and dicussed what was needed and how to go about applying for a loan modification. Much to my surprize there is a program for the self-employed. All I had to do over the phone was update my financials, utilities, auto loans, insurance, etc. Lo and behold I was qualified and reduced my mtg by $600 a month. I have three months to furnish a profit/loss statement from my business, which is no problem. My interest rate was 7% and is now 3%. The loan didn't change just the interest rate. Happy Dance here. It certainly doesn't affect your credit rating, which I was concerned about since I have excellent credit.
So for those of you self employed and may need that extra please take the time to look into this program.
A few years ago while still able I did a re-fi on my house, but doing a no-doc meant paying a bit higher interest rate.
Listening to the news about the loan modifications I thought I would look into getting info. I called my mortage co and dicussed what was needed and how to go about applying for a loan modification. Much to my surprize there is a program for the self-employed. All I had to do over the phone was update my financials, utilities, auto loans, insurance, etc. Lo and behold I was qualified and reduced my mtg by $600 a month. I have three months to furnish a profit/loss statement from my business, which is no problem. My interest rate was 7% and is now 3%. The loan didn't change just the interest rate. Happy Dance here. It certainly doesn't affect your credit rating, which I was concerned about since I have excellent credit.
So for those of you self employed and may need that extra please take the time to look into this program.
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