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Refi Possible? Roughly 50K in equity, 657 FICO, & debt to income approx 57%? no streamline possibl

Roughly 50K in equity
FICO of 657
Debt to Income of 61% now, if pull 9000 out and pay off CC, then 57%.
  • December 31 2008 - Charleston
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Answers (2)

its still worth to take a full application and have ran through automated underwriting. automated underwriting takes a look at your full picture, such as other assets you may have (401k, savings, ect.)

this will give you a definite answer in a matter of minutes.
  • February 07 2009
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txbz7511, Unfortunately, you are going to have a really tough time getting approved with the high debt-to-income (DTI) ratio.  FHA has higher tolerances for DTI's, but not over 50%.  Could a potential tax refund be coming your way to assist with paying off the debt?  Work to get those cards paid off.  It will not only help your DTI, but most likely will bring up your credit scores.
  • December 31 2008
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