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Search: "Income ratio"

 
 

Asked 02/10/2009 01:39 pm CT (Montgomery, AL)

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?????

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p.s. - If you'd like someone else to handle credit report disputes, try http://www.lexingtonfs.com/ ...

[ Total Answers: 2 ]

 
 

Asked 11/12/2008 12:27 pm CT (Tulsa, OK)

My wife and I are looking to buy a house. Our monthly gross income is $5,000 a month. Currently our debt to income ratio is around 19%. We have $10,000 dollars to put down and both have credit scores over 650 mine being closer to 700.We have also both been on the job for 2 plus years. What are the chances of us being able to get a home loan for $140,000 dollars?

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Asked 04/29/2008 07:59 am CT (Shawnee, KS)

Divorced last Oct. 2007. had qcd done removing my interest off of property but still on mtg due to him having 'til this oct. to refi. he has tried but cannot due to deb to income ratio too high. he can no longer afford mtg and wants to file chap 7. per div. decree, he has til oct to refi to remove my name. will I be involved in the chap 7 and my credit go bad?

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Sorry to say but yes. The mortgage company will come to you for payments if he files chapter 7. He...

[ Total Answers: 1 ]

 
 

Asked 02/22/2008 08:35 am CT (Chantilly, VA)

My mother and bough a home together in 03 suing the 80/20 principle which mean we have two mortgages. We are both listed on them both and share a 50/50 payment and ownership rule. I am having a nightmare time applying for an auto loan due to my dept to income ratio which is primarily the home. I have a few credit card that hold a very low balance to credit limit. I have heard that I can claim my mothers contributions as income to help my debt/credit ratio. Since the bank does not look at the fact that there are two head of household here that are both claiming 50/50 ownership and payments. Please provide me with any information that could potentially help both of us reduce this ratio to obtain credit for an auto loan.

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Asked 01/21/2008 01:24 pm CT (Richmond, VA)

I have good/fair credit median is 700+ i want to re-finance my house but my debt to income ratio is slightly high, it was high when i got the mortgage a year ago so i don't understand why i'm having issues re-financing, are there any lenders that will overlook this so i can re-fi. I desperately need to.

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ING- Good credit is king and congratulations on that. With home values dropping, it has been harder...

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Asked 03/26/2007 09:28 am CT (Hedgesville, WV)

3 years ago I divorced. In the process, my ex got the house. He could not afford to refinance in just his name. So, the situation is my name is on the mortgage and on the deed. If I quitclaim the deed can my name be removed from the mortgage without refinancing? Someone suggested this, but I have my doubts. I want to be able to buy my own home sometime but I'm afraid his mortgage payment will be held against my debt to income ratio.

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Don't JUST give a Quit Claim Deed (giving up your property rights) without getting released from the...

[ Total Answers: 1 ]

 
 

Asked 03/21/2007 11:41 am CT (Dallas, TX)

1) I have a higher than ideal debt to income ratio but a good credit score. I am retired and have about $225K in my IRA that I have access to. Will my IRA help me in qualifying for a higer loan amount?

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WARNING: the poster of the above message (Tim) is recommending a credit repair company that the mor...

[ Total Answers: 4 ]

 
 

Asked 07/25/2006 10:04 am CT (Euless, TX)

Hi, I found a house that I want to buy, but I'm having trouble with financing due to a low credit score. When my credit score was pulled last weekend, the lender told me my mid score was 557. I want 100% or and 80/20 loan so I need at least 560 with that lender. Is it possible for me to get 100% or 80/20 financing with a credit score of 557? My debt to income ratio is good, and I have three accounts in good standing on my credit reports (although two of them are fairly new). I have been at my job for 5 years now. What do you think my options are? I really cannot afford a large down payment right now.

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Hi Brandi. You can improve your credit score by paying down the balances on your credit cards.. The...

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Asked 05/18/2006 08:45 pm CT (Weslaco, TX)

My wife earns $3658.33 (gross). She ahs a very stable job. her total debt to income ratio is over 60%. Her housing ratio is over 40%. Her mid score is around 720. she has sufficient reserves and assets. She wants to secure an FHA loan with $0 down. Will FHA approve a 30 year loan with these conditions? A 15 year?

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In the debt to income ratio, did you include your utilities? You should only include debts that are ...

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Asked 03/16/2006 07:49 pm CT (albuquerque, NM)

Is there anyway to remove a name from a mortgage without refinancing? Refinancing is not an option because of debt to income ratio.

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Without refinancing this cannot be done, however I would like to let you know a number programs are ...

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Asked 03/10/2006 04:33 am CT (Fort Wayne, IN)

My husband is being relocated for his job so SC. We would like to purchase a new home that is a step up from our current home. The problem is that our debt to income ratio is out of whack. We had given up on relocating and assumed more debt for cars and toys and credit cards. Our total debt is about 65K (not including our mortgage) It seems like our only option is going to be moving into an apartment for four years to pay off our debt, or renting a house rather than buying. We would rather buy than throw our money away on rent. What can we do ? Our income is 75K ,we'll have approximately 15K for a down payment, but our monthly dept is at $2200 per month. We'll be moved within the next 6/8 months.

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Take a look into "stated income" or "no doc" products, the interest will be a little higher, however...

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