Need to refinance arm mortgage load

ronmojohny · Joined: 18 Feb 2008 Posts: 1

Hi, I bought my first house in Fl 2 years ago, and I got one of those loams that turn to an adjustable rate. They recently offered me an extension of the fixed rate for 5 years, but it's high (8.75 %) and the loan is interest only. The problem I have is that I am self employed (but I can show that I make 6 figures with Google on my 10-99) but here's the catch, I have no fed tax returns to show (please don't ask why) I can supply 2 years of bank statements, and that seemed fine for the first loan, but I've been told by 2 lenders that they need to see my federal tax returns. Are there loans avalable that do not require a federal tax return?

Thanks, Ron

TheMortgageSellout · Posted: Mon Feb 18, 2008 3:00 am Post subject:

Hi!

There are lenders who still take Bank Statements, but they are limited. A very important factor is the current equity in your home.

What is the loan to value?

liverichly · Joined: 10 Feb 2005 Posts: 195 Location: Orange County, CA

Another important aspect would be your credit score. The loan modification might be your best option, but we're trying to determine if refinancing would be an option as well.