Re-fi question - high debt ratio

Not sure exactly what you are asking here but if yout DTI is higher than 50% then you are not likely going to qualify for a refi. The 29%-49% area is typically wher lenders need you to be so maybe you could work on paying down some debt for a while and then attempt a refi. Hope this helps you.

In today's market, high debt ratios hit a lot of people. There isn't really a question here to answer, but not all lenders have equal requirements on all loan products. For example, we will do FHA over 50% debt-ratio. There is always the potential of reviewing different programs that might help too. Contact a MN based direct lender like myself. Give them a full application, and let them review your options. Visit me at www.Minneapolis-Mortgage.net

You can roll debt into a new loan to lower your DTI however only if you have sufficient equity in the home you are refinancing.. Typically it's considered Cash Out refinance, and the maximum loan to value varies by lender, but typically we see 70% to 80%. If you asking if you can roll this into a HARP loan because your underwater.. The answer will be no.. if you want to know for sure, or you want guidance from a mortgage professional, you should contact a LOCAL mortgage broker and let them look at your complete profile. 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

If you are dividing your gross, before tax monthly income by your gross monthly debt, which includes your monthly mortgage payment + property taxes + insurance + the minimum payments for all debts on your credit report, and your ratio is greater than 50%, you will most likely have difficulty refinancing. 45% is typically the max, or possibly up to 50% taking into consideration other compensating factors like cash reserves, work history, FICO score, etc. Also, the max DTI can vary depending upon whether your loan is conventional or FHA.

there is also a way to look at each payment on the credit report, and it depends on what type of payment it is , some times we do not have to count that against you.. if you want, call me and i can walk you thru it its pretty involved, but easy once you know what to look at linda 602-330-1598

It actually depends on why type of loan you would refi under - I can go as high as 56.999% on an FHA loan. Conventional is less forgiving. The first thing would be to confirm your income to make sure it's being calculated correctly because we do not include utilities, day care or anything like that into the calculations. You can reach me at 713-569-0025 should you like to seek out your options or send me an email at Mary.Papageorge1@gmail.com Thanks, and hope it was helpful.

There are possibilities. You need to speak with a broker that covers MN.

You need to provide more information to get the answer to your question. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950