DTI is estimated at big unsecured personal loans 36 with the new loan payment and factoring in the payoffs. My LO asked for a statement as to how important this land is to me. I think she asked that of me to ease the concern that I'd cash out with this loan and then try to sell the land cash generator loan slough in the future.
So I gave her a big unsecured personal loans statement about how I'll own this property for life. I think she now has the information she needs to give answers to any questions UW has without having to ask me and wait for my reply. I asked her straight up if she thought the loan was approvable and she said that consolidation loans are considered high risk, but that I've clearly been working hard on rebuilding my credit, the DTI is good and hopefully the LTV will be where it needs to be.
She also said that she's not really sure how approvable the loan is since she's never done a cash out "refi" on land without a house on it and that there are variables she may not be aware of with such a loan type.
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