debt to income ratio mortgage 2009
Cash Out Refinancing for someone with a high ratio of debt to income?
Looking to refinance my home and consolidate some projects law. The mortgage balance is $ 207,998 for a 44,982 HELOC. I would like to consolidate these two for a lower payment and a fixed rate (interest in the rest 207,998 adjusted in October). I also want to consolidate my car (18,728 dollars) and my credit card ($ 4,500). But no one will approve. Countrywide and Wells Fargo have both rejected me. I am waiting now HFC. I have a 654 FICO, but I keep getting told that my debt / income high.My gross income is $ 4139 per month too. I have $ 50,000 in student loans, but a postponement until later in 2009. Does anyone have any advice. Incidentally, I never missed a payment in any of my accounts. Want to withdraw at least $ 10,000. My home value is estimated at $ 300,000. If no middlemen out there who thinks I can help let me know.
There is little there is no way of getting this right is now and here is why. First try to get a new home loan for $ 276,208 TOTAL MORE refi costs for had less than 20K Equity in the home after the new loan is established. You said your "estimated value" of the house is or was $ 300.00, but when was the estimate made and by whom? Property here in Las Vegas, NV fell 20% this year, so …… if your house was here and 300K last year worth, now is propably worth $ 240,000 with prices still drop, why in the world would be a bank of more refined than the current value of the house with his score credit debt and a moderately high relative to income? If they did then what is to prevent debt on credit cards? And also wants to make $ 10,000 …….. Your best chance of getting any of this does is pay the credit map, keep it clear, to repay the HELOC and then request a new loan fixed rate to the original balance. trying to convert short term debt (credit cards) in long-term debt is bad "VERY bad move on the situation of any and do so in a declining housing market is not simply happen until you reduce your consumer debt, debt reduction and income levels, and improve of your credit score.
