Home Ready Refinance Loan
- Thread starter delta97
- Start date
Thank you for a reply. I most definitely looking into it. My discharge took over six years ago with no late payments ever since. My LTV is about @ 67%. Income is low to qualify to refinance on my own, but wonder if it is doable via income of my partner through HomeReady program (as long his credit score is not taken into consideration). As well, is it possible to add all refinance charges to a new loan? What rate can I get for 20 year or 15 year loan? Present balance is $232,500. Value is around $363,000. Combined income is $120K. In addition, my loan was not reaffirmed and went through HAMP modification 7 years ago with no principal reduction.
His credit score would unfortunately be taken into consideration, we would use the lower of the two borrowers middle credit score. We can always run a simulator on his credit to determine what may need to be done to improve the score to qualify.
I would need more information to give you an accurate rate quote:
Property Type:
Occupancy Type:
Borrowers middle credit score (I can use 679 if you'd like):
With you receiving a loan mod, that will not impact your eligibility or with the property being included in bankruptcy. The new loan will however not be in bankruptcy protection any longer.
I also cannot provide a rate quote on the forum, please e-mail me at [email protected]
I would need more information to give you an accurate rate quote:
Property Type:
Occupancy Type:
Borrowers middle credit score (I can use 679 if you'd like):
With you receiving a loan mod, that will not impact your eligibility or with the property being included in bankruptcy. The new loan will however not be in bankruptcy protection any longer.
I also cannot provide a rate quote on the forum, please e-mail me at [email protected]
If you use him as a non-occupant co-borrower than you're correct his score wouldn't be taken into consideration.
Here are the guidelines on that:
• Non-borrower household member income allowed as compensating factor supporting high DTI in DU.
• Non-occupant co-borrowers are allowed for qualifying purposes. Max 95% LTV.
Here are the guidelines on that:
• Non-borrower household member income allowed as compensating factor supporting high DTI in DU.
• Non-occupant co-borrowers are allowed for qualifying purposes. Max 95% LTV.
That would be considered Boarder income, which again the guidelines are below regarding that:
Boarder income is allowed for qualifying purposes.
Without me really knowing the big picture, it's not easy pointing you in a direction or answering your question effectively. 3.5% is a great rate, run with it and hope it all works out the best. If it doesn't feel free to reach out and I'd be happy to go over a quote with you.
Boarder income is allowed for qualifying purposes.
Without me really knowing the big picture, it's not easy pointing you in a direction or answering your question effectively. 3.5% is a great rate, run with it and hope it all works out the best. If it doesn't feel free to reach out and I'd be happy to go over a quote with you.
I'm assuming you're doing a 15 year fixed as well to get the 3.5%? That's about market rates depending on your scenario.
Be very careful if someone is offering you that rate on a 30 year fixed as it looks like a very large amount of points would be charged. I would hate for you to be in a situation of bait and switch.
Be very careful if someone is offering you that rate on a 30 year fixed as it looks like a very large amount of points would be charged. I would hate for you to be in a situation of bait and switch.
