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an answer to Debt Ratio for a Refinance?

by clubma_153_273 from Wilmington, Delaware. Dec 5th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

What??? I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Dec 5th 2012
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Mark Simon (mark.simon)
#10 ranked lender in Delaware - 83 contributions

Don't have enough detail for solid answer however I am based in the Wilmington area so give me a call Mark 302-449-7373

Dec 5th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yeah, need more info and as the debt ratio guidlines are different for each type of loan.

Dec 5th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

What is possible varies greatly based on your qualifications, the loan scenario, type of property, type of loan, lender requirements, etc. A computer program usually gives the final approval based on your scenario.

Dec 5th 2012
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John Barbato (blueelephant)
#4 ranked lender in Delaware - 26 contributions

Hello there - Thanks for your question!There are 2 debt ratios considered in qualifying for a refinance...the [front-end] housing ratio and the [back-end] total debt ratio (inclusive of your proposed new housing payment and all other debts. Most consideration given to the [back-end] total debt ratio. It is the percentage of your debt to your gross income on a monthly basis. Other qualifying factors, such as loan-to-value, credit/credit scores, assets, disposable cash (amount of gross monthly income left over after all debts paid) and type of refinance can compensate for higher debt ratios. Ideally you want to have a 45% or lower debt-to-income ratio, but the aformentioned factors may allow you to qualify with a ratio as high as 55%. I'd would like to ask you a few questions specific to your personal situation so that I can provide you with a guaranteed quote in writing for your refinance. Call or email anytime: 302-657-0181 x3130 or jbarbato@embracehomeloans.com.- John Barbato

Dec 5th 2012
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