Posted on: 29th Sep, 2009 11:51 am
hi:
we are in dire straights. we have lived in our home in charlotte area 15 years. home is financed with chase. never had a late payment, not even 1 day day late on home.
took out a home equity loan 3 years ago. never a late payment there either.
all total our bills are killing us. want to refi. balance on home is $85k and home equity loan balance is $35k.
husband lost job, just got rehired on another but want start till next month. he is a government contactor so makes good money but when the contract stopped the money dried up quickly.
his credit score however is absolutely no help, in the 500's.
my fico scores are 691 equifax, 726 experion, and 686 trans union.
problem is i only gross 33k or so a year.
we applied online for a refi to payoff bills but were told my husband is no help on the loan because of his fico scores.
with the dti i am at 90% so i cannot get approved to refi.
the home is worth about $165,000.
can anyone out there give us an idea of how to refi, payoff the debt and get a loan.
we really need some professional advice.
thanks
we are in dire straights. we have lived in our home in charlotte area 15 years. home is financed with chase. never had a late payment, not even 1 day day late on home.
took out a home equity loan 3 years ago. never a late payment there either.
all total our bills are killing us. want to refi. balance on home is $85k and home equity loan balance is $35k.
husband lost job, just got rehired on another but want start till next month. he is a government contactor so makes good money but when the contract stopped the money dried up quickly.
his credit score however is absolutely no help, in the 500's.
my fico scores are 691 equifax, 726 experion, and 686 trans union.
problem is i only gross 33k or so a year.
we applied online for a refi to payoff bills but were told my husband is no help on the loan because of his fico scores.
with the dti i am at 90% so i cannot get approved to refi.
the home is worth about $165,000.
can anyone out there give us an idea of how to refi, payoff the debt and get a loan.
we really need some professional advice.
thanks
hi daphillipsmarine,
it would be difficult for you to refinance your mortgage with such a high debt to income ratio. you need to reduce your debt to income ratio and then apply for a refinance. moreover, you should note that the lender would consider your middle score while giving you the refinance. with the credit scores that you've mentioned, 691 would be your middle score. with a score of 691, you would be able to qualify for a fha loan and not a conventional one.
thanks
it would be difficult for you to refinance your mortgage with such a high debt to income ratio. you need to reduce your debt to income ratio and then apply for a refinance. moreover, you should note that the lender would consider your middle score while giving you the refinance. with the credit scores that you've mentioned, 691 would be your middle score. with a score of 691, you would be able to qualify for a fha loan and not a conventional one.
thanks