Posted on: 27th Jan, 2009 12:04 pm
mortgage is currently in my name only. we want to refinance to my husbands name only since i am not working right now. just had an appraisal at 235k. still owe 218k. want to borrow 211k, which is 90% of appraised value and pay the diffence (6k at closing). my husband is self employed and his debt to income is about 53%. his median credit score is 745.
i haven't had occasion to do 90% rate/term refinance lately, ellie, and especially with a ratio of 50%-plus. with the credit score you've cited, it occurs to me that this scenario may well have a good chance of happening, though.
i'd say it is worth your effort to have it reviewed - one thing that will be of much benefit is reserves. however much money you have in your bank(s), etc. (after closing) will help bolster your request
i'd say it is worth your effort to have it reviewed - one thing that will be of much benefit is reserves. however much money you have in your bank(s), etc. (after closing) will help bolster your request
Ellie, can you tell us what your current rate is now? I hope there is enough of a monthly savings to make this work for you.
