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Can I refi with a DTI of 53% and 680 credit score?

by greg3dcad590 from Corona, California. Jan 16th 2016 Reply


Marlon Mitchell (mmitchell)
#6 ranked lender in Missouri - 50 contributions

It's very possible that you may be able to. I would need a few min of your time to go over your situation to know for certain. Feel free to call me at 405-261-5181 x116 or email me at marlon@amtgbank.com

Jan 18th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

Your standard conventional loan has a debt-to-income ratio cap of 45%. FHA will potentially approved a DTI of 53%, but DTI is just one of many factors in determining if you will be approved. Contact a mortgage broker in your own area, give them a full application, and let them determine what is available to you. For loans in MN, WI, and SD, visit me at www.JoeMetzler.com

Jan 18th 2016
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Larry Gray (lgray_312_247)
#563 ranked lender in California - 1,127 contributions

I just have to agree, depending on what kind of loan you wish to have. It is a DTI a borrower has that I am completing a "high balance" or "jumbo conforming purchase loan for...FHA. It might be possible to get a conventional loan with that high of a DTI with strong compensating factors other than credit. Otherwise, on a refinanceif you do not have a fannie mae or Freddie mac loan from prior to 5/2009 (HARP) it maybe difficult to qualify for a conventional refinance with that DTI.

Jan 18th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

More info needed, specifically, which loan product do you have now.. for conventional loan products, you cannot exceed 45%, but for FHA or VA, you can go as high as 56%. Another question I would ask is who calculated your DTI.. if you did it on your own, you probably did it wrong, so for this reason, I would suggest you contact a local mortgage broker and give them 5 minutes of your time so they can do the calculations.. only then will you know for sure.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jan 18th 2016
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Blake Kleckner (BlakeK)
#357 ranked lender in California - 251 contributions

Possibly. It depends upon whether or not there are strong compensating factors. Give me a call 16/7 at 626-644-2020, or email me your phone number so we can discuss your situation. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. If you get a chance, read some of my blogposts on Lender411. They are quite informative. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. I started doing mortgage loans in CA in 2006, and only do them there so I have an exceptional understanding of this extraordinary market. Representing more than 50 quality lenders that offer in excess of 1,000 loan programs, we definitely have something for everybody.

Jan 16th 2016
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in New York - 2,237 contributions

It depends on what type of loan your looking for and what the full parameters of your loan situation are. Your credit score is good enough for refinancing, but the DTI is the question, if you can utilize an FHA loan and your loan to value is 97.75% for a rate and term refi or 85% for a cashout refi then the answer is yes to both.

Jan 17th 2016
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