Is there any option for a refinance of a primary home loan if I have a 47% DTI ratio? The LTV is < 80%.
I am a landlord with several rental properties and my DTI is high, 47%. I am trying to refinance my primary residence from a private mortgage and I have at least 20% equity in the home. The loan amount is $360K and I live in Texas. My credit is 700+ but my wife's is around 650. Are there any options for a loan? by ssalman from Austin, Texas. Jun 24th 2011
Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions
You should have no problem with freddie mac as long as you only have 4 mortgages financed all together including your primary mortgage. This is a rul with fannie mae. But if you have only 4 homes financed then you can go up to 50% DTI with that score. i would recommend seeing if you can qaulify without your wife as her low scores are going increase the interest rate that you would qaulify for.
Jeff Hutchison (jhutchison)
#14 ranked lender in Iowa - 40 contributions
We could look at a 10/1 arm at 3.875% fixed for the first 10 years. This would give you more that enough time to get credit scores up and increase income to qualify for shorter term loan on a refinance in the future.
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