rising rates, need to refi, high debt

[carmac123]

Hello all,

I need some input on what to do. I have a credit score of 619, have 5 houses - 4 rented, and self employed (stated income). I spent apprx 40K fixing one of my rentals this summer (on credit cards), but now I don't qualify for refinancing a non owner occ because the credit card debt plummeted my FICO score from 710 to 619. I gues I can refy my primary residence & pay off the credit card debt but then all is screwed up with my taxes.

Any ideas on a better way to handle this?

[Paul McFadden]

Hello: You need to get your credit score up. Stated non-owner financing is only happening with a minimum 700 credit score. I suggest you pay your credit card balance down to below 50%. This will increase your score quite a bit. The fact that you have several mortgages doesn't help-have you been late with any payments in the last year? If so, it's best to wait if you can until the lates are aged more. I see the market improving but probably not until next year at the earliest. I hope this helps.

Paul

[MortgagePro]

I can refy my primary residence & pay off the credit card debt but then all is screwed up with my taxes.

Refi your primary residence. What will be screwed up on taxes? Your rate for a primary residence even at 100% should be better than Investment at a much lower Loan to Value.