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 gregcooney1
Joined: 15 Oct 2009
Posts: 4
2.19 Dollars($)
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 Posted: Thu Oct 15, 2009 5:17 pm Post subject: 58-60% DTI is this possible? |
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| IS it poosible to get a mortgage with a dti of 58-60% I have a 780 fica score. 20% downpayment, money for closing , and also about an additional 15k in my 401k. I been at my job for to years . i currently do not have any other bills. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4330
Location: Hawaii
685.41 Dollars($)
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| Posted: Fri Oct 16, 2009 1:14 am Post subject: |
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Hi gregcooney,
Your fico score is excellent. A 20% down payment is also sufficient to help you get a loan. You also have a 2 year employment history. So, things are looking good for you. As far as the DTI ratio is concerned, it is better to reduce your ratio to somewhere around 50%. A 58-60% DTI ratio is a bit too high. But given the fact that you fulfill the other required eligibility criteria, it is possible that a lender would be ready to offer you the loan even with a high DTI ratio. |
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JKennedySLG
Community Experts
Joined: 01 Apr 2009
Posts: 374
Location: New Jersey/New York
14.97 Dollars($)
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| Posted: Fri Oct 16, 2009 8:45 am Post subject: |
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As stated in a previous post. A 60% DTI is rather high, but there is an FHA program for individuals like yourself in NY & NJ area. Fixed rates in the 5% range and hassle free process. I hope this helps...
_________________
James Kennedy
(877)724-4844
(732)979-7409
50 States ~ Low Rates
STATED INCOME LOANS
First Time Home Buyers (580+ Credit) |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
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| Posted: Sat Oct 17, 2009 6:37 pm Post subject: |
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Iam really surprised thet there are still available for people with 60% DTI and also with 20% Down payment
My doubt is that they may ask you to pay some of yoru short term debt before they approve |
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