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Refinance for low income

I am a disable home owner man with fix income around two thousand per month, my current mortgage is 176,000.00 as principle balance with fix 6 percent rate for the last 10 years.. My question is with Obama bail out federal home mortgage am i qualified for a mortgage rate of 4.2 in 20 years term?
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June 01 2010 - Westminster
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Answers (3)

You should qualify for a new mortgage depending on your Credit Score and Other Liabilities such as Credit Card Payments, Medical Bills, Auto Loan and etc...


If you like please feel free to contact us and we will be more than glad to provide more information for you...

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June 22 2010
Hard to say because it is unknown what other liabilities your might have on your credit report.   Your property tax and home insurance also play a role in qualifying.

The Obama "HARP" loan would be your best chance for a high debt to income ratio.  Have you looked to see if your loan is owned by Fannie Mae or Freddie Mac?   Best case scenario would be a Fannie Mae loan which would then potentially allow a qualifying ratio up to 65%.

If your income source is both permanent and non-taxable, that will also help your chances.

As far 4.2 on 20 year, that rate is well below market and would require significant closing costs to obtain.  
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June 03 2010
Yes and No.  Yes your rate reducation and refinance is possible through the Homes Affordable Refinance Programs, however have many other variables you need to be aware of. 

1) Most HARP programs can only go up to 105% loan to value and very few lenders are offering the 125% program.

2) If your income is not permanent disability, your income will not be an eligible source to qualify and be approved

3)  your credit and other expenses still need to be addressed and will determine if you are approved 



Post a request on zillow mortgage marketplace to get some local quotes and find out more details.
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June 03 2010
 
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