High dti and refinancing

Larry, depending on what is in your dti i may be able to lower it. Also if you are taking cash out, maybe you can pay some of the items that have the greatest impact on your dti. We are a NJ based lender, give me a call @ 908-933-0253 ask for Peter. or you can email me at pbotros@omegaloans.net

The DTI is an issue at 60%-65% as most lenders want to see 29%-41%. But on the plus side, assuming your $320k value is accurate, you have a good LTV ratio and credit score. You would need to pay down some of that debt though. Cashing out on a property and paying debt down makes perfect financial sense provided you are trading for a lower rate of interest but you are still only really trading one debt for another and not really reducing your DTI.

In the old days, DU would give you an approval with compensating factors. Now days, 45% or 50% max dti now allowed on DU approvals

That's going to be tough unless you use some of that "Cash Out" to pay off debt to lower your DTI.. low LTV and good credit scores, will get you approved to maybe a 50% DTI.. MAYBE... The fact that it's a "Cash Out" is what makes it even tougher.. if you want to know for sure, contact a LOCAL mortgage broker and apply with them.. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com