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shesweet59 | Why is it so hard to refinance my home.? |
I purchased my home about 7 months ago and would like to refinance it to wrap up my credit cards in the mortgage. I purchased it in foreclosure and if sold today I would make about $30,000. My fico score is about 585 now because of my debt to income ratio. Any advice woud be helpful. |
 |
 
knowledge
 |
Unless your credit score is in the 600's you will have a hard time finding a lender willing to take the risk of a refinance. As you mentioned, if your DTI ratio is high (above 50% including your mortgage and credit cards) most lenders will not approve the loan. You have to understand that underwriters that approve the loan look at the big picture. They question the reasons behind you wanting to re-fi to pay off credit card debt only 7 months into your mortgage. Frankly would you lend money to someone that shows on paper that they have alot of bills to income only 7 months in? It looks like you are drowning in debt and using your home to get you out, you have to realize that the debt really doesnt go away on a re-fi, you are just putting it off onto the value of the home. With a 585 credit score you probably have late paid accounts. A high DTI will not affect the score that much. I know my info sounds harsh but I'd rather be straight forward so you know the "real" reasons behing the denials from lenders. I hope this helps. |
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Mike
|
1. With a 585 credit score in the current market, you are not going to get a mortgage with a descent rate.... you probably cant get a mortgage at all with that low of a score.
2. It is generally a bad idea to take unsecured debt and put it against your house. If something bad happens and you cant pay your credit cards... so what. If you dont pay your house... they take it.
3. With only 30 grand in equity which will be reduced by credit card debt in the refi, you are probably trying to go to 90% or more Loan To Value, which again will be hard to do, and would require Private Mortgage Insurance most likely.
You need to sit back for at least a year and pay EVERYTHING on time to get your score up... THEN you can try to get a refi. |
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GEOFF B
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the main anwser for your questions is because of your fico. is the mortgage industry you are concidered a subprime borrower and subprime lenders are few and far between. but anyways, subprime lenders want the borrower to own the home for at least 12 months prior to refinancing to use the current appraised value. please let me know if you have any other questions. you can also check out this web site for all the banks that have closed due to this current housing market
http://ml-implode.com/ |
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windsorcantrain
|
Okay you can ask a very good loan officer about the problem |
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brianjames04
 |
Because so many investors got burned on bad loans over the last several months. No one wants to take on further risk by lending out more money unless the borrower has a real high credit score with plenty of equity in the home.
30k is not a lot of equity, in a foreclosure the mortgage holder would lose money and if home prices stay flat or fall this would be high risk loan with little to gain until the market turns around -that could take a couple of years.
What worries investors the most is uncertainty. There is a good chance the dollar will drop big time, inflation will be back with a vengeance and home prices will continue to fall. Then again none of these things might happen. As an investor you can make money either way as long as you know which way the economy is going. And right now nobody knows. |
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Barry M
 |
1.Seven months is not enough time for most lenders to consider your loan "seasoned' for it to qualify for refinance.
2. your fico score is low and you need to work on raising it by making timely and more than the minimum payments.
3. Your high debt to income ratio in addition to your low fico score is exactly what today's lenders are staying away from.
4. All in all, the best advice for you is to wait at least five more months during which time you exercise some tough financial discipline and improve your credit score along with lowering your debt to income ratio. And during this period, do not apply for a loan or a credit card anywhere.
Good Luck,
Barry |
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Mtg. Underwriter
|
It would depend on a number of things beside's your fico score. Did you have rental history prior to the 7 months of ownership? FNMA requires 12 months rental/ownership generally. Have your 7 months payments been made without a late payment? Have you been late on any consumer credit in the last 24 months? How long have you been on your job? Can your income be verfied? And the max refinance in Texas is a 80% LTV. So, your home would have to appraise high enough to roll your debts into the mortgage. This would also depend on your current LTV (loan to value). Lending methods have tighten up due to the industry problems. Generally companies are looking for a 600 FICO in todays market to be minimum. Not saying you can't find a refinance. Try your larger mortgage companies 1st. They may have a refinance if all the questions above are positive. |
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?
|
Yeah, you have closed on the house (regardless if you live in it or not) for 1 year before you can re-appraise the house. If you refi before then, you have to use the appraisal at time of purchase. That's your problem. I just did this and my application went in the 366 days after I closed on the house. |
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Carolinahomerates.com
 |
scores are not determined by debt to income.
they are determined by with balances to credit limit ratios.
if your cards are maxed out then that is one of the reasons why your score is suffering.
most lenders require 12months to do a refinance CASH OUT.....some lenders can do it after 6months |
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ruscito_mom
 |
I can help you. First you must live in the house for 1 year before you can refinance it. I can help you get your credit score higher and help you get your house refinanced on your anniversary date. I am not sure how this works so you can get in touch with me. |
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