All Forum Posts by: Elise Marquette

@Jeffrey Bradshaw our compliance department just sent it out a few days ago, so pretty recent. If you're having DTI issues, you have a couple options- lower the loan amount, shop around for an interest rate to make sure you're getting the lowest one (you might consider buying down points) and maybe double check the calculations of how your taxes are counted as income with a different lender. It never hurts to have a second opinion. We have underwriters that specialize in self employed income and there are sometimes certain deductions etc that can make or break it. I also don't know how close you are on your DTI

@Kyle Trotman make sure to get a preapproval (I.e. they’ve run it through the automated underwriting system) and have 2 years of W2s, tax returns if self employed, and most recent two paystubs. Also helps to have two months of bank statements

@Richie Pace if it isn't your primary residence then FNMA will only allow 75% LTV. That's a FNMA rule not a lender rule. Also depends on credit score.

@Jeffrey Bradshaw do you need to use the rental income to qualify? FNMA recently said that if you currently own a principal residence and have less than one year of history receiving rental income/documented property management experience to cash out refi your primary residence the rental income in an amount not exceeding the PITI of the subject property can be used to qualify. In any case, max cash out amount is 80% of the value of the subject property and your DTI cannot exceed 50%.. also please take this information with a grain of salt.