Posted on: 12th Jun, 2011 08:15 pm
i was recently turned down for a cash out refinance on the house i grew up in. the house has long since been paid off. i have a 40% interest in a house that currently appraises at roughly $101,000. i just want to borrow 60% to pay off the other heirs' interests in my father's estate. i paid off a few old negative accounts to help improve my credit. the credit union in which i applied had asked me to do it, but after they were okay with that, they had a problem with my income/debt ratio. i'm self-employed, and the past two years, my income was not enough to qualify me. the reason for that? i was my father's primary care provider, so work pretty much had to take a back seat. although they were empathetic, they still had to turn me down. is there anyone i can go to for help?
Hi jettdruheliii!
Welcome to forums!
Unless you have the required debt to income ratio, it won't be possible for you to get a mortgage refinance. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless you have the required debt to income ratio, it won't be possible for you to get a mortgage refinance. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you in this regard.
Feel free to ask if you've further queries.
Sussane
Since the credit union was amenable to helping you until it learned of your escalated debt to income ratio, did they give you any solace by providing hints as to what you could do to drop that ratio quickly and become qualified?
Would they accept a year-to-date profit and loss statement that would (hopefully) provide a better outlook than 2009 and 2010 combined did? Check with them and get some more details on what they need to see coming back from you.
Would they accept a year-to-date profit and loss statement that would (hopefully) provide a better outlook than 2009 and 2010 combined did? Check with them and get some more details on what they need to see coming back from you.
