Posted on: 07th Dec, 2010 10:47 am
like to refinance my primary. currently loan amount is $470k at 6%. loan to value is 60% or under. however, my debt-to-income ratio is high. on the other hand, i have never miss or late on a mortgage payment for the last 20 years. talked to my lender, go no where. any suggestion?
50% seems to be the unwritten rule on the debt ratio these days. I think it would be difficult to get any lender to go beyond that. They are all concerned that the loan will be sent back to them by the agencies.
What are your Debt to income Ratios. If you have other compensating factors, you might still be able to get approved. I'd also see if your loan is owned by Fannie or Freddie. I've seen high DTI's approved through the DU REFI Plus Program.
