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HEATHER HOLLOWAY Asked:

HELP!!! My husband and I are trying to refinance for a lower payment, but we cannot find a lender to refinance. Our interest rate is a 20yr fixed @ 9.25% and we owe @105k. My credit score is 715, but my husbands is 566. My debt to income ratio is too high to refinanace by myself. What should we do????? [Montgomery AL]

02/10/2009

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Answer Provided by: Danny S. Kim [02/25/2009]
 

First, approach your existing lender and ask if there's anything they can do to reduce your interest rate. At the same time, get to working on improving your husband's credit score by paying down credit card debt and disputing incorrect negative items on his report. If you can boost his score enough, you might talk to a local mortgage broker about an FHA loan that is easier to qualify for than conventional. Good luck.

 
 
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Answer Provided by: Danny S. Kim [02/25/2009]
 

p.s. - If you'd like someone else to handle credit report disputes, try http://www.lexingtonfs.com/ and enter LexID #5308 for preferred rates.