Question:
Can I take a stated income cash out?
Answer:A stated income cash out is available when you need to cash the equity of your house for a specific reason. Up to 80% cash out is usually allowed for a primary residence. For other properties, the cash out will not exceed 70% of the appraised property value.
Some programs will allow No seasoning. That is, the cash out amount will be based on the highest appraised value. However, the lender will make sure that the higher appraised value is not inflated.
A stated income cash out refinance loan may carry higher rates - from 1/8 to 1/2 of a point compared to full doc rates. If your credit score is somewhat lower, rates could be even higher.
Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
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Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
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Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
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Common misspellings: mortage and morgage