Posted on: 23rd Feb, 2010 08:14 pm
My husband and I are divorcing. We have an FHA streamline loan in both our names. I want the house. He doesn't. My salary is $38075 and we owe $175000 on the mortgage. 6.125 interest rate. No car loan, pay $62/mo in student loan, $200/mo to IRS (will be paid off in Oct. That's all my debt. Credit score is 600 last late mortgage pymt in Sept. Can I qualify for refi? Concerned abt my salary. Thanks :(
hi singlekay,
fha loans are available to borrowers with a credit score of 600-620. however, borrowers should not have much negative item on their credit report. your last late payment can go against you. however, i would suggest you to speak to your current lender and apply for a refinance. he will let you know whether or not you would be able to refinance. you can even speak to the lenders of this community and seek a no obligation free mortgage consultation. this will let you know whether or not you would get a loan.
take care.
fha loans are available to borrowers with a credit score of 600-620. however, borrowers should not have much negative item on their credit report. your last late payment can go against you. however, i would suggest you to speak to your current lender and apply for a refinance. he will let you know whether or not you would be able to refinance. you can even speak to the lenders of this community and seek a no obligation free mortgage consultation. this will let you know whether or not you would get a loan.
take care.
What are the taxes and insurance on the property?
Taxes are $165/month and insurance is $72/month.
What is the value of your home. You would only be eligible for a rate and term refinance. Your DTI (Debt to income ratios) are going to be tight. You would have to run the scenario through a loan officer and see if DU (Desktop Underwriter) will give you an approved/eligible.