Posted on: 04th May, 2011 08:13 am
I own 2 single family homes in Sandusky Ohio. 1 has 3 bedrooms, the other a 2 bedroom, and both currently renting for $500/mo ... each. I own both homes out right, with NO mortgage. I am looking into refinancing homes with cash out. I did have a bankruptcy with foreclosure more than 3 years ago. My current debt to income ratio is about 25%, with a median credit score of 640+, and an annual income of about 25k/yr. Does anyone know of a company out there that can help? I can include my wifes income, which put lowers debt to income and increases annual income significantly, however, she filed a bankruptcy a year ago, before we got married. I also have "co-signers" as an available option. I am hoping to do this and have it completed in the next month. Any help would be greatly appreciated.
You should contact a lender in your area, and get pre-approved. If your BK and foreclosure were on a fannie mae, freddie mac loan, you might have to wait 7 years. Might be able to get exception if due to certain circumstances. Also if you did not have loan guaranteed by fannie, the general guideline is 3 years. Also having a coborrower could help. Generally you need a 620 for conventional loans and 640 for FHA. Good luck
Hi patmag!
Welcome to forums!
I agree with Chris. As 3 years have already passed since you filed bankruptcy, there are chances that you will get a loan now. With a credit score of 640 score, you will be able to qualify for a FHA loan. You should contact the local lenders in order to get a FHA loan.
This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if you can get a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Chris. As 3 years have already passed since you filed bankruptcy, there are chances that you will get a loan now. With a credit score of 640 score, you will be able to qualify for a FHA loan. You should contact the local lenders in order to get a FHA loan.
This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if you can get a loan.
Feel free to ask if you've further queries.
Sussane
