Good FICO, DTI High, Good Equity! Can I Refi a Cash Out?

Tips and Deals Forums Consumer Credit Improve Credit Good FICO, DTI High, Good Equity! Can I Refi a Cash Out?

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      We are in dire straights. We have lived in our home in Charlotte area 15 years. Home is financed with Chase. Never had a late payment, not even 1 day day late on home or the Home Equity Loan we have.
      Took out a Home Equity Loan 3 years ago. Never a late payment there either.
      All total our bills are killing us. Want to Refi. Balance on home is $ 85K and Home Equity Loan balance is $ 35K.
      Husband lost job, just got rehired on another contract but want start his new job till next month. He is a government contactor so makes good money but when the contract stopped the money dried up quickly.
      His credit score however is absolutely no help, in the 500’s.
      My FICO scores are 691 Equifax, 726 Experion, and 686 Trans Union.
      Problem is I only gross 33K or so a year.
      We applied online for a refi to payoff bills but were told my husband is no help on the loan because of his FICO scores.
      With the DTI I am at 90% so I cannot get approved to refi.
      The home is worth about $ 165,000. We have about $ 60,000 in Credit Card Bills and Loans we want to pay off.
      Can anyone out there give us an idea of how to refi, payoff the debt and get a loan.
      What about going FHA with my husband as the co-x since he has the low FICO but has very good income to lower the DTI ratio? He makes about $ 70,000 per year and it will be Federal Taxes tax-free as he will be working overseas for a year.
      We really need some professional advice.

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