Cash out refinance

[Anonymous]

We have a rather thin Credit profile, goal to get a cash out refinance, my husband's credit mirrors mine.  Here is a summary:

Fico Score 8, Mortgage scores look about 80 points less, except Equifax is the same.

Experian 776

Transunion 778

Equifax 690

No baddies

Accounts 1 - 3 years old:

Capital One 1300 

Store 500

Finished Self Lender loan one year

Car loan $600 per month 8K left on balance

New acconts added:

Loan on farm equipment with my husband: 60K balance,  $1200 per month

Citibank Costco $8100 

Jewelry club $5000 each

Added another Self Lender loan to keep revolving credit in the background.

Combined income about $110,000 

We owe about $120K on our mortgage, we would like to c/o for $250.  Property and house is worth approximately $850K

How long should I wait/garden before applying?

Anything else we should consider?

Thank you.

[Anonymous]

I am far from an expert on this, but I am also doing a cash out refi right now, and so I know that your debt to income ratio is going to be important, so it would help to know what your monthly payments are on all of your loans/credit cards/current mortgage/cars - basically everything that shows up on your credit report.

[NC_Mtg_Loaner]

What are you waiting for?

You should do it.  Any DTI issues you might have can be settled by paying off that credit line even if you need to increase the cash out amount. 

[Anonymous]

NC, are you saying that his lender will be ok with a high DTI if he says he is going to pay off his debt with the loan proceeds?