Our client, the owner of a ranch-style farm home sitting on 40 acres of agriculturally zoned land in Marion County, Florida, needed to refinance her private note that was about to balloon.
Before finding us, she was turned down by several other lenders due to her debt-to-income ratio (DTI) being too high.
We helped her fix some credit items, including removing her as a user on certain accounts and removing a derogatory account from her credit report. We also helped explain to the lender that her income should include, not only her regular salary, but also the housing payments and car lease payments that her employer was paying her on a monthly basis.
Because of our efforts, her DTI fell within acceptable guidelines, and the lender approved her for a 30-year fixed conventional loan at 2.875%, a significant savings compared to the 6% interest she had been paying her private lender.
Interested in a rate-and-term or cash-out refinance? Contact us today to discuss your scenario.