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Old 10-21-2010, 12:48 PM
 
175 posts, read 692,493 times
Reputation: 325

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I have good credit 740, lots of equity in my home (over 100,000 worth of equity), assets (liquid and property) but a small tax reported income. What lenders will work with a 48-50% debt to income ratio for a refinance.

I realize this is high, but I have paid my bills on time for years-so I am obviously not in over my head.
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Old 10-21-2010, 01:03 PM
 
Location: Plano, Texas
1,675 posts, read 6,590,747 times
Reputation: 693
most lenders allow up to a 45% dti, but can go up to 50%. Have you applied with any lenders yet or been turned down?
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Old 10-21-2010, 01:10 PM
 
175 posts, read 692,493 times
Reputation: 325
I keep getting told they won't go over 45%, and I can't let them just run my credit score since that is one thing that is helping me.

I am not even borrowing half of the value of my home, so this is really frustrating :-(

you see I own an Ag business along with working a regular job. The gov considers it a hobby farm and I can't claim it on my taxes because I would always be able to claim a loss (that is just the nature of the beast). I do make an income from it though, I just don't get to write off my truck, equipment, feed, etc as expenses
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Old 10-21-2010, 02:29 PM
 
4,938 posts, read 12,435,894 times
Reputation: 3709
Freddie Mac lenders can go to 55%. Call US Bank.
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Old 10-22-2010, 06:45 PM
 
Location: MID ATLANTIC
8,047 posts, read 19,715,259 times
Reputation: 9081
City and state would also be helpful.
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Old 10-24-2010, 06:56 AM
 
Location: Wake Forest, NC
835 posts, read 3,715,562 times
Reputation: 648
The only way to determine DTI is reported liabilities on your credit report vs reported income. If they haven't run your credit and seen your tax returns they are just giving you what if scenarios- nothing wrong with this but to tell you they can't do a loan on a what if is a little shortsighted.
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Old 10-25-2010, 08:41 AM
 
175 posts, read 692,493 times
Reputation: 325
I have a copy of my credit report I just won't let them run their own copy and I'm paid salary so my income hasn't changed in the last 3 years. I have a roommate but I have to show proof of rent for at least a year, so that doesnt help either. How do you show that anyway-cancelled checks? My pervious room mates paid different house hold bills or cash...
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Old 10-25-2010, 09:53 AM
 
Location: Plano, Texas
1,675 posts, read 6,590,747 times
Reputation: 693
are any of your debts installment loans with less than 10 payments? If so, those are not counted against DTI. Also, you could try to access home equity and pay off debts to qualify.
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Old 10-25-2010, 03:36 PM
 
4,938 posts, read 12,435,894 times
Reputation: 3709
Quote:
Originally Posted by lmabernathy View Post
I have a copy of my credit report I just won't let them run their own copy and I'm paid salary so my income hasn't changed in the last 3 years. I have a roommate but I have to show proof of rent for at least a year, so that doesnt help either. How do you show that anyway-cancelled checks? My pervious room mates paid different house hold bills or cash...
Yes, cancelled checks showing on time rent payments probably for the last 12 months. Unless you claim it on your tax return.

Cash or paid other bills will not qualify.
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