debt to income

Guest

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

jerry · 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

Guest

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

Guest

yes, credit score of 640-660 is good but something around 720 would be even better to qualify for a comparatively low rate.

jveenstra · 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.

riseabove · Joined: 09 Nov 2009 Posts: 70 12.67 Dollars($)

As others have said, there's more to the answer than a simple yes or no.

Multiple factors go into a lenders decision on whether or not to lend, so you may have to do some shopping around, but you could well find a lender willing to work with you

suyog · Joined: 23 Sep 2009 Posts: 44 7.86 Dollars($)

Hi
Welcome to mortgage,
Your cradit score is very well. I think you are qualify for that.

Blue_sky4399 · Joined: 13 Nov 2009 Posts: 3 1.32 Dollars($)

I cant understan this?

gmakerley · Posted: Fri Nov 13, 2009 12:17 pm Post subject:

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.

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