I am trying to engage in a cash-out refinance on my home to get some extra cash for home improvements. My credit score is excellent but my income to debt ratio is too large. I will certainly have enough finances to pay off the additional monthly fees but lenders do not think so. They will not approve my applications and there are no detectable no-doc or stated income loans out there anymore. Without this type of loan it seems impossible for me (in my situation) to get anywhere. Also, even though I owe only one third of the total property price, I have already pulled equity out of the mortgage. I’m stuck! Any ideas?
Posts Tagged ‘income to debt ratio’
Any suggestions on how (or who I should contact) to get a loan?
Sunday, February 7th, 2010I got rejected for a home equity loan by capital one, wondering what else to try?
Thursday, December 10th, 2009I needed a loan/line of credit to draw from, to pay down some debt and use for other things around the house, and I tried a capital one home equity but I got rejected primarily because my income to debt ratio was about 55% debt ,,,and I think their cut off was 50%…so I just didn’t make it.
Anyways, I’m pretty upset over it and want to know what other banks or types of loans/lines I should go for, or perhaps try the same one once the income to debt is a little lower? DO all of the banks out there use the same exact criteria, or are some harder for approval than others, etc?
I just don’t want to feel like just because one rejected me like it’s just game over. If that’s the case, fine, but I at least want to know that I tried and put some careful thought into this.
Any ideas?? Sucks being rejected!
blah.
I’m not sure if applying for a lesser amount is more likely to get approved than a lower. I want to make something work, but am not sure how to go about it.
Home Equity Loan with not so great credit?
Wednesday, July 29th, 2009My husband and I just purchased our first home about a month ago. Because of our credit mine being 590 his being none. We had to put down 20 percent of the value of the. We want to get a home equity loan but have had no luck finding a lender any suggestions? We have about 30,000 equity but only want a small fraction of that.
To extend on our situation… I have good income to debt ratio I make plenty to afford a home equity loan also we are in a Midwest state that is virtually unaffected by this market today. we put down 20 percent of the value of the home and also had the home appraised which came out higher then what we paid so we actually have 34 thousand equity its my credit that seems to be the dilemma in getting a loan. We are looking for a sub prime lender I guess one that will look past my low credit however I am not having luck finding one. I appreciate any suggestions
I need a LOAN to make repairs on my home. I own my home outright but my only income is disability.?
Sunday, June 28th, 2009Is there a special program for people like me – government or otherwise? My bank will not make me a home equity loan because they say my income-to-debt ratio will be too high. The "energy efficiency" program offered to low income people with older homes has a 5-8 year wait in my part of Texas. Hurricane Rita affected my roof – but not enough for my home-owner's insurance to cover. State Farm said my roof was already over 15 years old and probably needed to be replaced anyway. They also said that the damage was not severe enough -just multiple leaks but no shingles torn off. I need a NEW ROOF most of all, especially before there's anymore damage inside my home. Does anyone know where I can turn for a loan or a grant? Thank you, Terri
Related ‘income to debt ratio’ sites :
| Debt-to-income ratio - Wikipedia, the free encyclopedia A debt-to-income ratio (often abbreviated DTI) is the percentage of a consumer's monthly ... Back ratio limits up to 55 have become common in recent years for ... en.wikipedia.org/wiki/ | |
| Debt-to-income ratio calculator Use this calculator to compute your personal debt-to-income ratio, a figure as important as your credit score which provides a snapshot of your overall financial health. www.bankrate.com/brm/calc/ | |
| Understanding Your Debt-To-Income Ratio Your Debt-to-Income Ratio is a crucial personal financial health indicator. ... Take a few minutes to determine your own debt-to-income ratio. ... www.careonecredit.com/ | |
| usnews.com: Personal finance: Debt-to-income ratio calculator Fill in the blanks to get a rough idea of your debt-to-income ratio—and whether it is already higher than is considered manageable on your income. ... www.usnews.com/usnews/biztech/ | |
| The Debt Ratio, and how it affects your borrowing power The Debt Ratio. The bank wants to be sure you can afford to pay them back before they give ... We just looked at the case of having $3000 in monthly income and no debt. ... michaelbluejay.com/house/ | |
| Too Much Debt For A Mortgage? Just because a lender is willing to offer you a loan doesn't mean you should take it. ... Your debt-to-income ratio tells you a lot about the state of your financial health. ... www.investopedia.com/articles/ | |
| Evaluate Your Debt - MSN Money Your debt ratio is an important number to be acquainted with. It tells you how your monthly debt payments compare to your monthly income. ... moneycentral.msn.com/ | |
| * What is Debt-To-Income Ratio (DTI Ratio)? For someone who doesn’t carry a lot of debt, I didn’t give Debt-to-Income Ratio a serious thought until I start lending money on peer-to-peer lendin www.moolanomy.com/427/ | |
| Debt to Income Ratio Calculator helps to analyze your debt ... Debt to Income Ratio shows how much of your gross monthly income goes towards your monthly debt payment. Calculate it using Debt to Income Ratio Calculator. debtconsolidationcare.com/ | |
| Debt to Income Ratios - How Debt to Income Ratios Work They try to keep loans affordable by keeping payments to a modest percentage of your total income. With debt to income ratios, they can quickly figure ... banking.about.com/od/ | |