Problems with getting a mortgage refi to remove MIP (Mortgage Insurance)

[DarkHelmet]

I currently have an FHA mortgage with an additional Mortgage Insurance Premium (MIP) on it each month. I took out the mortgage in late 2016, and at the time was only a few years out of a Chapter 7 bankruptcy. From what I recall, in order for me to be included on the mortgage and the deed (and be able to get it), I had to take out the mortgage with my parents and put down 20% and have MIP as part of the mortgage.

In hindsight, I probably should have waited a few more years. I'm trying to figure out a way to refi right now in order to at least get rid of the MIP. I'm almost at 7 years from when the Ch. 7 bankruptcy was discharged, but my big problems at this point are that I'm self-employed and don't show a lot of income (I'm able to deduct a lot) and my parents are both retired now and don't show much income either.

My credit score is very good (in the 730's), I've never missed a payment on the mortgage, and I've been in business for myself for 11 years - but I think the big problem is the debt-to-income ratio. We've talked to the mortgage broker that helped us a few years ago but he says at this point there's nothing we can do (even with my parents on the refi again).

It's not the end of the world if I'm stuck with the MIP, but I'd like to save some money considering what's going on with the economy and saving money at this point is probably a good thing.

Anyone have any ideas or suggestions? Are there any non-conventional routes I can take?

Thanks!

 

[ICurry]

Well, worst case you can do an FHA streamline and get a lower rate and lower monthly Mi than you have now because your ratios are better, and you don't have to use income to qualify for those.

Now, here's a few possible options. If your mom and dad can qualify without needing your income -or have your credit liabilities, you'll be able to just do a conventional refinance. You won't be on the loan but you can still be on title. This isn't a bad move because their risk is the same no matter what since you can't refi on your own regardless, I'm guessing. I mentioned this because I don't know if your broker was running the numbers using all 3 of your income and liabilities, or did he try with just your parents. You may be adding liabilities and the ratios may be ok with just them..I'm assuming this is where debt/income ratio... feel free to message or email isaac.curry at vrmortgageusa.com

 

[adjusterjack]

I'm self-employed and don't show a lot of income (I'm able to deduct a lot)

If you haven't done your taxes for 2019 yet I suggest you eliminate a lot of your deductions and show a much higher income and do the same for 2020. Yeah, you'll pay a lot more in taxes but you'll probably be able to refi in 2021, probably in your own name and get the house titled to you.

Meantime pay down your debts.

 

[WMSG]

Is it the debt to income ratio on the mortgage itself...or in totality (other debts as well)?

Regardless...I got two words for you...and old trick someone told me about...the two words are...

Amended return.

'Nuff said. LOL.

 

[somarco]

FHA streamline and get a lower rate and lower monthly Mi than you have now because your ratios are better, and you don't have to use income to qualify

THIS^^^

 

[surfius]

In my view, getting an alternate option, such as a loan online, would be much easier! Look, you can be sure that it is not only convenient and secure, but also very fast because you would not be required to carry a large number of documents or beg for that damn credit. Sure, I appreciate your concern about making money online, and I completely understand your concerns. There are so many people here, on the internet, that are trying to use you, to fool you. But the place I'm going to recommend to you is not a scam; I know this because I've gotten a loan from them many times. If you're interested, go to dollarbackmortgage.com and make your right decision!