Ringing Ceders

Throughout the past decade, home refinancing was a rather simple proposition for those self-employed, up until the year 2007.  That is when lenders began to tighten their lending standards and putting restrictions onto “stated” income type refinance loan programs.

So, as long as the self-employed individual had a good credit score in a range above a 640 mid fico, they would be eligible to refinance up to 100 percent of the value of their home and get a competitive refinance mortgage rate to boot.  Since 2007, stated income home mortgage refinance programs have changed quite a bit, almost to the point of exclusion.  Now, it appears one must go fully documented for income or forget about their refinancing plans.