I bought my home at the bottom of the market and want to do a cash out refinance for home improvements. My lender is saying my debt to income ratio is too high to qualify on my own. Is it possible to add my father to the loan as a non-occupant co-borrower in order to qualify? I'd like to go conventional and drop my outragous mortgage insurance if possible. I currently have an FHA loan and hold title in my name only.

Let's discuss your loan scenario in more detail.Contact me at 800 315 8803. My name is Jamie and I have been in the mortgage business since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario.Until then, I look forward to hearing from you. Jamie Lynne, 800 315 8803, www.bartprequalifies.comjamie@bartprequalifies.com, lending NATIONWIDE Since 1989

Since your looking to add a non-occupying co-borrower you would likely want to stick with an FHA loan. I know the MI is pretty high but if your adding your father you will likely lower your DTI which in turn may qualify for a 15 yr FHA loan and the MI requirements are lower. check it out

It's possible, but it really depends on which lending program you go with.. both Fannie and Freddie allow for non occupant co borrowers, however they look at your debt ratio differently, so one might allow it while the other does not.. without knowing the full details of your particular scenario, it's had for me to tell, but I'm local, so if you wish to give me a call, I would be happy to review it and let you know if there's a way to make it happen.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com