Posted on: 07th Sep, 2010 02:31 pm
i am looking to refinance a jumbo loan on my primary residence, but can't get any banks to even look at it because i'm currently unemployed (we are not late on the mortgage, and we are having no problem paying our current mortgage using my wife's income and our savings). we have 750+ credit. i am wondering if anyone has any advice on whether the co-signing of a retired family member (with great credit and great financial situation, but again, retired so no income) will help me get approved for refinance? all thoughts are appreciated.
creek
creek
Hi Guest,
As you're unemployed it would not be possible for you to get a loan. If your wife is employed and has a good credit, then she can get a mortgage in her name. If the retired person has a good financial and credit situation, then he or she can co-sign for you.
Thanks
As you're unemployed it would not be possible for you to get a loan. If your wife is employed and has a good credit, then she can get a mortgage in her name. If the retired person has a good financial and credit situation, then he or she can co-sign for you.
Thanks
If the co-signer has no income, they do not help the situation at all.
With just your wife's income, can you tell us what the debt ratio is? I know you said you do not qualify with just her income, but I have no idea if you are close or far away from what income is needed to qualify. If you are far from what is needed, proably no suggestioins. If close, maybe some suggestions to help.
With just your wife's income, can you tell us what the debt ratio is? I know you said you do not qualify with just her income, but I have no idea if you are close or far away from what income is needed to qualify. If you are far from what is needed, proably no suggestioins. If close, maybe some suggestions to help.
