Posted on: 04th Nov, 2009 07:56 am
Hello -
I currently have a 1st mortgage and HELOC that I would like to combine together under a refi. Plenty of equity in the house (about 60% LTV) and my credit score is excellent. Problem is ... I'm out of work and have been for 2+ years. My parents are willing to cosign/guarantee the refi and have excellent credit and personal balance sheets, but they are retired and don't collect much income. So my question is ... can I get a low rate refi based on strong LTV, excellent credit score, and strong cosignor, even though neither I nor my cosignor earn salaries at the moment?
I currently have a 1st mortgage and HELOC that I would like to combine together under a refi. Plenty of equity in the house (about 60% LTV) and my credit score is excellent. Problem is ... I'm out of work and have been for 2+ years. My parents are willing to cosign/guarantee the refi and have excellent credit and personal balance sheets, but they are retired and don't collect much income. So my question is ... can I get a low rate refi based on strong LTV, excellent credit score, and strong cosignor, even though neither I nor my cosignor earn salaries at the moment?
Although you have a lot going for you the fact there is no income is a deal breaker.
first of all, you need to be a wage-earner as a borrower; your parents don't necessarily need to be, what with retirement income, etc. but their lack of income doesn't help you at all. nobody lends purely on credit anymore.
