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high income to debt ratios

Do you work with refinances with high income to debt ratios of 93%?Thx,Chris by chrismacor from Boulder, Colorado. Feb 24th 2013 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

If you calculated it correctly, probably not. But then you didn't indicate what you were including in your calculation. You also didn't indict what type of loan you are looking for. Certain "Streamline" programs allow for approval without calculating any DTI. The best way to know for sure if you will qualify is to work with a Licensed Mortgage Professional. They will calculate your real DTI using only those obligations a Mortgage Underwriter will use. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Feb 24th 2013
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David Widlund (david_283_200)
#44 ranked lender in Colorado - 7 contributions

I only aware of one option for refinancing someone in this situation which is if the borrower has very large assets, enough that the interest or earnings on the assets would be enough to make all of your payments. But the interest rates for a loan like this is worse than a typical loan so if you're just looking at reducing your rate, this type of loan is probably not going to help you.

Feb 24th 2013
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

I would speak with a loan officer to make certain that those DTI ratios are correct. If you have already spoken with a loan officer and were told that was your DTI, then you will not likely find a lender to do this. On HARP refinances, the ratios can be very high, but certainly not as high as 93%

Feb 24th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Very difficult if not impossible to refi with that high DTI. Loan to value that high is not an issue but I'd be pretty surprised if you can get someone to approve. Check around and most likely with your current lender. Good luck

Feb 24th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 399 contributions

If your current mortgage is FHA or VA there are options to refinance without any income verification. My company is licensed in CO but I am not. I'll be happy to refer you one of our loan originators who is if you would like. Charlie Sparks, Albuquerque, NM www.gencormortgage.com/csparks - NMLS# 195031

Feb 24th 2013
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

first , i need to know your net income verus your monthly bills from your credit report and not all of the other monthly bills that you pay you can email me privately at yourloanpartnerforlife@live.com linda d

Feb 24th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

Chris, First I would ask how you came up with the 93%. With out knowing the correct ratio, your question is really hard to answer accurately. I can help you should you want to speak further. thank you Peter www.HOMEMORTGAGEXPERT.com 855 411 LEND

Feb 24th 2013
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L H (LHarris)
#0 ranked lender in Texas - 5 contributions

Chris,Without the full picture it's difficult to know if you could qualify for a refinance. I do offer refinance opportunities for up to 90% LTV under our Professional Mortgage Program and other Non-Conforming Portfolio Loans. If you have a Jumbo Mortgage then it could be worth refinancing. If you have an existing mortgage balance under $417,000 then it probably would not be beneficial to refinance under the programs I offer. Our Professional Mortgage extends to Physicians, Dentists, Medical Residents, Attorneys and CPAs.

Feb 24th 2013
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Chad Bradford (Cwbradford)
#0 ranked lender in Arkansas - 9 contributions

Call your current mortgage company and see if they can help you. I would double check those figures you provided. 93% DTI usually ends in one of two ways: 13 or 7.

Feb 24th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

A debt ratio of 93% would mean you should be walking straight to bankruptcy... 93% of your income, before taxes, before groceries, before heat and electric, before anything except debt like home loans, car loans, and credit cards would be impossible to maintain and no lender would knowingly allow for a loan with that high of a debt ratio. Contact a local broker for a quick review of your situation.

Feb 25th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Maximum Retio for Fannie is 45% in some cases Freddie will allow up to 50%.

Feb 25th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

If you calculated it correctly, probably not. But then you didn't indicate what you were including in your calculation. You also didn't indict what type of loan you are looking for. Certain "Streamline" programs allow for approval without calculating any DTI. The best way to know for sure if you will qualify is to work with a Licensed Mortgage Professional.

Feb 25th 2013
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