Posted on: 18th Sep, 2009 11:24 pm
my husband has been unemployed now for a year. we're living on one income, our interest rate only mortgage is due to expire in 7 months. our income is about 107,000/annually, both our credit scores are about 750. we owe about $ 74,000 on our line of equity, we put down 20 % to purchase the home and have paid some of the principal off and owe about $ 625,000. will i be able to refinance on my income of $110,00 ? is unemployment considered income ?
pretty good - in 3 lines of type, your income jumped by $3000 annually. keep typing long enough and you will be a millionaire.
please excuse my skepticism.
unemployment compensation is certainly considered as income, but not when it comes to qualifying for a mortgage (unless it is a recurring situation, as with a seasonal worker).
as for your ability to refinance, lots more information is essential. do you have other debts? how much are they, on a monthly basis? what is your tax and insurance on a monthly basis? also, what kind of credit score do you have? these all come into play when trying to obtain a mortgage.
please excuse my skepticism.
unemployment compensation is certainly considered as income, but not when it comes to qualifying for a mortgage (unless it is a recurring situation, as with a seasonal worker).
as for your ability to refinance, lots more information is essential. do you have other debts? how much are they, on a monthly basis? what is your tax and insurance on a monthly basis? also, what kind of credit score do you have? these all come into play when trying to obtain a mortgage.
one option you cna look at is loan modification to get your Rates lower
Since you had decrese in income that is a good option to look at
Since you had decrese in income that is a good option to look at
