Posted: Sun Jul 16, 2006 6:08 pm Post subject: debt to income
Hi is it possible to get a loan if my debt to income is high.
Right now i make $36500 a year have 2 cars one is $450 and one is $265 i make about $80 in credit payments per month. I am selling my house hopefull i will make enough to take off the $265.
This will leave me with debt of $530 plus house payment. My credt score is around 640-660 can i get a mortgage and if so he do i call. I have had a mortgage for over 2 years and my pament record is perfect.
Any help would be greta.
Thanks Mark _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Sun Jul 16, 2006 7:50 pm Post subject: RE:
Hi,
Welcome to MortgageFit Forums.
First of all let me congratulate you for maintaining a good credit score. With all the details that you have provided, I don't find any reason for you not getting a mortgage.
Thanks,
Jerry
dh Guest
Posted: Fri Jan 19, 2007 2:55 pm Post subject:
Yes in spite of having a high DTI ratio he has been able to maintain a good credit score, I tool feel getting a mortgage will not be too difficult.
D. Hill
Mac_7 Guest
Posted: Fri Jan 19, 2007 9:48 pm Post subject:
yes, credit score of 640-660 is good but something around 720 would be even better to qualify for a comparatively low rate.
Posted: Fri Nov 06, 2009 11:01 am Post subject: Mortgage
Based o the numbers you provide, ball park figure, you should be able to get an FHA mortgage in the range of up to $82,000. Add your down payment availbel and that is your purchase price.
FHA is changing the maximum debt ratio to 45% in mid-December and maybe up to 50% with compenstaing factors. _________________ John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
what is it you don't understand blue? is it the whole concept or just one piece of it? if you would like an explanation, we'd need from you a better description of what it is that you're talking about. clarity is usually helpful. _________________ George M. Akerley
Loan Consultant
860-221-5044