Posted on: 06th Nov, 2010 06:33 am
aloha, i owe $237,000 on a 15 year note with 9 years remaining on a lst loan for my home. there is a heloc on the home with a 30 year note at 7.29% and remaining balance of $327,000.
i believe it makes sense to refinance. the bottom half of my home is rented out and generate $3,400 per month. i was told that that income cannot be used in determining the dti ratio which yesterday changed the gfe i signed with a home loan company. is that correct? the broker i am dealing with was well aware of the zoning and did not seem to know about freddie mac ruling on his point until yesterday.
i believe it makes sense to refinance. the bottom half of my home is rented out and generate $3,400 per month. i was told that that income cannot be used in determining the dti ratio which yesterday changed the gfe i signed with a home loan company. is that correct? the broker i am dealing with was well aware of the zoning and did not seem to know about freddie mac ruling on his point until yesterday.
Hi caroljung,
As far as I know, the rental income will be considered while calculating your debt to income ratio. In my opinion, you should speak to some other lenders in order to get a mortgage.
As far as I know, the rental income will be considered while calculating your debt to income ratio. In my opinion, you should speak to some other lenders in order to get a mortgage.