Bernanke Gets Turned Down For A Refinance Loan?

Why was the former head of the Federal Reserve turned down? He now has irregular income with no pay stubs and does not have a job. This does not meet Qualified Mortgage Standards, and FICO Scores do not consider the amount of your assets. Sorry Ben, join the rest of us 1099’s or Schedule C’s.

Did he want a No-Docs Interest Only, etc. loan? No, he wanted to refinance his $672,000 home loan with a 4.25% loan on his house currently valued at $968,486.

Will he be able to refinance? Sure, he has to check with other lenders. The key word is “Portfolio.” He wants to find a lender who will make the loan and hold it and not sell it in the secondary market. On these loans held at the bank, the bank can make their own rules as long as the party has the ability to repay.

He might also tell the lender that he now commands $250,000 per lecture, and his schedule is growing.  Ben, schedule a few more seminars and pay off the loan! In the future you can always get a Reverse Mortgage. Need one, call me @ 949-457-8930.

In a recent article Jeff Lazerson, student of Duane Gomer Seminars and columnist for the Orange County Register, was quoted. “I don’t know the dollar amount in his accounts but using that as income has turned into a lot of funding for us.”  Many banks will make these asset-based loans including Bank of California, City National, First Republic, Union, JPMorgan, HSBC, and many others.  So, takeaway:  Self-employed, rich people and others must remember the magic word, “Portfolio.”

courtesy of:  Duane Gomer Seminars Newsletter

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s