refinance my 1 year house with my low income

gigicapuggi · Joined: 16 Aug 2007 Posts: 1 1.41 Dollars($)

I did contact more than 10 mortgage Co. not one since to give aproval for refinance because my salary is not sufficient, what alternatives I have? right now my credit is good, but I have 23000 of credit cards dead traing to pay my mortgate, please give me any alternative.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)

how much your dti is coming t, may be it is too high for your income because of which lenders are not willing to refinance.

also let us know about your income, has it dropped by quite a lot from what it was at the time you had taken the mortgage? your credit is good so there are chances of getting a lender for the refinance. what is the equity position of your home?

Guest 0.10 Dollars($)

You need to check your mortgage documents to know if a prepayment penalty clause exists for early repayment and for how many years it is.

It might become expensive to refinance if such clause exists.

carnahandavid · Joined: 21 Dec 2006 Posts: 239 58.41 Dollars($)

Guest 0.10 Dollars($)

What ltv this mortgage was for? If there is good equity and with your good credit profile you should be able to get approval for refinance.

If your salary is low then how you qualified for mortgage in the first place?

And why are you looking to refinance just after 1 yr? If you see that there are chances that your income would increase within a few months then you should hold your plans and after income increases, look at refinance options.

evolovik26 · Posted: Thu Aug 16, 2007 7:53 pm Post subject:

Depending on how low your ltv ( ratio of your loan to your house value) and how good your credit is you might be able to get a loan with stated income ( meaning your income will not be verified ) but that is dependent on alot of factors and id need more info before suggesting anything. Make sure you do something and talk to a professional before you start falling behind on your bills as that will give you the best opportunity to get out of a potentially bad situation

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Gigicapuggi,

With an FHA approved loan you may be able to qualify for a refinance even with your respective low income. But at the same time, you must try to clear off your credit card debts.

ckalvesmaki · Posted: Mon Aug 20, 2007 4:59 am Post subject:

Can you post a little more information about your situation.

We need to know the value of the house. The approx payoff on the house. Your annual income and your current credit scores. Also what is your annual income?

adonis · Posted: Mon Aug 20, 2007 5:41 am Post subject:

Well gigicapuggi, may be you wouldn't like to mention your income openly, but you can give a round figure. Perhaps that will be easier for kalvesmaki or others to help you with a loan.

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