Bank of America didn't approve us for refi!!!!

[Sean Cavanaugh]

Evening professionals

Need some answers! I purchaced a primary residence on 2004 at the high of bubble for 385,000 in RI. We put down 80,000 down payment and financed 305,000. 

2 yrs later we got a 2nd mortgage out around 20,000 for other bill and stuff.

Few yrs later we refinaced to a lower rate of 4.75 %. ONLY on the first cause we're at the bottom of the market now.

Now were back trying to refi again and was locked in at 3.75 which includes the 1st and 2nd mort. We have to go the VA route due to 95% LTV.

Currently we owe 285,000 and with around 10,000 in VA fees and other stuff. Total of 295,000

Since I've been married only my W2s showed over 100,000 per year my mortgage and refi has been off my pay only.

Well BAC ordered the inspection and went over the paperwork which shows my FT job over 10 year and my 2 part time jobs less than 2 years.

Now because my wife has only worked PT less than 2 years and no steady employment before that besides being a FT mom.

WE HAVE BEEN DENIED BASED ON HER WORK HISTORY! With both of our scores over 760.

This refi would of helped bring down my mort 2400 to 2000 a month.

ARE THEY DISCRIMINATING IN ANY WAY BESIDES race,relegion,color, etc.

[Ashley Pimsner]

@Sean Cavanaugh

First of all don't be so quick to pull out the race card because you didn't qualify for refi that would have saved you $2400-$2000 a month.

Based on the limited info you disclosed you were denied, in my opinion, because you're dti's ( debt to income) ratios were too high.

Care to disclose what your dit's were when your loan was run through desktop originator so we can get a better understanding of your loan scenario?

You mentioned that you were denied because of your wife's work history, which implies you needed her income to qualify for the loan.

Because she has not worked full time for the two years required to use her income to lower your dti's, you were denied, not because of discrimination.

Your 100k income and 760 fico scores sound impressive, but don't matter if your dti's are too high.

Try contacting a mortgage broker in your area that can get you wholesale rates vs the retail rates BAC would charge and this may be enough to lower your dti's, otherwise the mortgage broker may be able to offer you a different loan program that would help you qualify.

Good luck and keep us posted.