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If debt ratio is high and no equity in home, but credit score and employment is good, is refinancing impossible?

by L98463_624_350 from Aurora, Colorado. Oct 2nd 2012 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in Florida - 2,240 contributions

Maybe. You might be a able to do a HARP loan if your loan is owned by Freddie Mac or Fannie Mae. Speak to a mortgage broker that covers CO not a bank. Good luck.

Oct 2nd 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

It depends on what type of mortgage you have, FHA, VA, Conventional, etc.. And what do you mean by "High DTI"?? FHA for example, you can do a streamline refi without tax returns or w2's... you just have to have a job, while conventional lenders will require full financial disclosure... without knowing all the details, it's hard to say 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. 480-287-5714 WilliamAcres.com

Oct 3rd 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Depends on what you mean by "high" DTI. In my experience if you have a DTI ratio over 45% then you are pretty much out, some will go higher but you end up getting priced out by the adjustment. Your best option is to take some time and pay off the revolving debt or whatever that is making your DTI so high then retry after your DTI is in an acceptable range...30%-45%

Oct 3rd 2012
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Rob Koellner (Rob_Koellner)
#18 ranked lender in Colorado - 37 contributions

Not impossible, but no guarantee. The HARP programs are a little flexible in the DTI and VALUE providing other items are good. I am a CO mortgage broker www.RobKoellner.com. Please feel free to call me or email Rob_Koellner@ExcelFG.com and we can talk about the program and see if it is worth pursuing options.

Oct 2nd 2012
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Will Rogers (WRMtg@comcast.net)
#58 ranked lender in Colorado - 3 contributions

Give me a call! I have been doing this for 30 years...

Oct 3rd 2012
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