Posted on: 04th Aug, 2011 09:42 am
Current 1st Mortgage 210K at 5.35% with Citi, a 50K HELOC with my credit union. Prop value down to 340K due to recession.
Excellent credit, no lates, FICOs 755 & 770. credit card utilization about 30%.
The bads: Due to illness, out of work for two years. Wife earns 60K /stable.
Want to Refi to a 20yr fixed @ around 4.25% or a 7/1 ARM. In this new underwriting climate, and my lack of employment, is is folly for us to apply?
Also, do credit unions typically hold their own paper? I'd like to put my busiiness with a smaller entity that holds my loan..
Excellent credit, no lates, FICOs 755 & 770. credit card utilization about 30%.
The bads: Due to illness, out of work for two years. Wife earns 60K /stable.
Want to Refi to a 20yr fixed @ around 4.25% or a 7/1 ARM. In this new underwriting climate, and my lack of employment, is is folly for us to apply?
Also, do credit unions typically hold their own paper? I'd like to put my busiiness with a smaller entity that holds my loan..
The Credit union will hold their own loans, they lend on the money you deposit. Their underwriting can be different than your non-institutional lenders or even the big banks. Your problem will lie in your lack of 2 yr work history. Can you qualify with your wife income alone? If not, you would have to wait until you have a 2 yr work history. Have you been on unemployment? Are you back to work?