Posted on: 14th Oct, 2009 04:40 pm
i am trying to refinance my home loan (560k) on a property in ca, los angeles county that is worth over a million. have excellent credit history and fico score...none of the big banks would refinance the loan due to my debt-to-credit ratio.. always paid more than the monthly mortgage amount and pay all the credit cards in full. no payments other than the home loan.
need a lender that will refinance our home loan.
need a lender that will refinance our home loan.
not even 5 years ago would a 66% ratio work. the highest i ever saw was 64.9%. automated underwriting wouldn't go over the 65% threshhold and now you've had enhancements to that so ratios must be less. you need to shave some debt first.