Posted on: 11th Oct, 2010 10:11 am
My lender has taken a very long time and has asked for lots of documentation. Now, for the first time, they are saying that I have "insufficient income" to qualify for the refinancing that I am seeking. I've never been late for a payment and I have an excellent credit rating. What level of income is required to be considered "sufficient"? The balance on the current mortgage is less than $225,000. The property has appraised for $345,000. What is the minimum level of income required by the underwriting guidelines to support a 15 or 20 year loan? I'm trying to decide if this is a decision that I am likely to face if I go to another lender.