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With excellent credit & solid 65 - 70% LTV, & The only refi stumbling block of DTI, Any idea who will refi a priv mortgage .

by Parisa_723_141 from Calverton, New York. Aug 20th 2012 Reply


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

In order to qualify for a traditional mortgage, one must have sufficient equity, sufficient credit worthiness (score) and sufficient income to service the existing and proposed debt load of the borrower. You didn't say how high your DTI is, but if DTI is your stumbling block, then until you improve that, you are going to be stuck with non-traditional (private) lenders. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Aug 20th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

If your DTI is high, over 47% or so, then your options for a traditional loan are about zero...you can pay down debt over the next 8-12 months to get the DTI into the 30%-35% range and then retry but short of that a private lender would be your only option.

Aug 20th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

It is hard to answer with out knowing exactly what your debt ratios are. If you would like a free analysis of your situation, I would be more than happy to take a look for you. I can go to about a 52% debt ratio if you are strong in all other areas. We may also be able to consolidate some of your debts to bring you ratio down. You will have some options to get your refinance approved. Give me a call at 908-933-0253 ext. 319(Peter) or email me at PBotros@OmegaLoans.net

Aug 20th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Well.. Not sure since you didn't tell us what your DTI is... most lenders require a 47% or lower DTI.. FHA will go as high as 55%, but you will pay mortgage insurance, and upfront MI... if your self employed, there are ways to improve your DTI if certain bill are being paid through the business.. So, really we need more info.. Most private money lenders will allow income that conventional, conforming lenders will not, however you will have to have sufficient income even on the private side.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Aug 20th 2012
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Scott Irvine (Scott Irvine)
#7 ranked lender in New Jersey - 15 contributions

I have lenders in NY area who will consider such loan refinances. I would need to know the actually scenario in order to purpose it to the lender. They are conventional portfolio Lenders. Feel free to reach out to me to discuss further. Scott Irvinescott@mortgage-me.us

Aug 20th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

I would really need to look at your situation to tell you what you should be doing. There might be options for you. Please contact us to discuss further. Do you know what your DTI is? Team@BestMortgageOption.com or 845-323-2069

Aug 20th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

need more info to give the best advice DTI??

Aug 20th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

where is your dti? you stated that your note is a private note?? how big is your loan? i work with private money investors, but they have a long limit size... linda you can email me at yourloanpartnerforlife@live.com

Aug 20th 2012
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