Im trying to refinance my house what do lenders look at exactly?

Collen
I've been doing a lot of research and I know they look at income, credit, assets, property... But what do lenders look at exactly when I'm trying to refinance, and what is a healthy debt to income ratio? When I give them a copy of my income tax, does it matter that I have a low AGI when filing my taxes because I typically try to take as many deductions as possible when I file my taxes.

Agustina
If you have an FHA loan now try to do a streamline refinance. FHA to FHA. No appraisal, no income or assets checked, only need mortgage history, which better be excellent. I have seen FHA take up to a 56% back ratio. Just got one approved at 55.82%. That is not ideal for everyone but with excellent credit & assets it can work. Also, FHA has eased its rules on condition of property. Needs to be safe, sound & sanitary but not as rigid as before.Gross income is looked at unless you are self employed.

Hank
Wow...your asking for a lot. I can't give you everything, but I'll try and hit the basics.AGI: If you are a w-2 employee they won't care. BUT, if you are self-employed this will be a big problem because your yearly income will be what you earned after deductions.Income: Stable 2 years of employment with steady income.Credit: They want to see that you pay on time. You have to have at least 3 open tradelines, no collections or late payments within the last 24 months and no liens or judgments.Assets: Usually at least 2 months of your mortgage payment, but FHA allows for less. *Showing any assets is a plus.Property: Again this differs between FHA and Conventional. Conventional just cares about the property appraising in high enough to cover the loan. FHA also requires that the property be in decent shape, with nothing broken and no lead paint, etc.Ratios: FHA ratios limits are 31/43. Conventional lenders vary. Some are a little higher, some are a little lower. And, of course anything lower is great.Good luck.

Caitlyn
I don't think the AGI makes a difference But most lenders will look at your Credit score to see what it is that is what they use to make there Datamation on whether to lend you money and how much they will charge you to pay it back