Compare Mortgage Quotes

svromeo00 · Joined: 30 Oct 2009 Posts: 17 4.61 Dollars($)

Are there any no ratio loans? my credit score and history are fine. My income is good but i am self employed. And I have a lot of write offs so i dont have to pay back a boat load of money. When my loan went through underwriting it came back saying my dti would be to high. But with my income its right at 41 percent. But I guess the lender looks at my profit loss statement. I assume they added the stuff back they were suppose to. Atleast I hope so. If anyone could help me out!>! I am suppose to close on this house next week. Its already been extended!!

jenkin7 · Posted: Sat Nov 21, 2009 12:16 am Post subject:

Hi svromeo,

It is not easy to find a no ratio loan in this market. If you are self employed, it is going to be a bit difficult for you to qualify for a mortgage. The lender will want to see you employed for at least 2 years and will check your profit and loss statement before approving your loan. Do you have too much of debts? In case you do, it is better to pay them off as it can help you reduce your debt-to-income ratio.

However, you may go for a no-obligation free mortgage consultation with the lenders in this community see what they have to say about your debt to income ratio. They will assess your financial situation, your credit scores, etc. and will let you know if you can qualify for a home loan.

svromeo00 · Joined: 30 Oct 2009 Posts: 17 4.61 Dollars($)

No I do not have a lot of debt. My income is at 51k....but after the profit loss statement they say its down to 35k. Which is because of the stuff i write off for tax purposes. so i do not know what to do. my dti goes from 40 percent to like 60 percent because of this.

gmakerley · Posted: Sat Nov 21, 2009 12:53 pm Post subject:

there is a smattering of no-ratio loans available, but you'll be looking at 30%, 40% or 50% down payment if you find one.

it sounds like the lender did its job correctly to me. your credit is "fine" but fine doesn't qualify people any more. we now use scores in every case, and that's critical. if you are a point below the line, you're out of luck.

i'm not confident that you'll find what you're looking for.

Posted: Sat Nov 21, 2009 6:27 pm Post subject:

my credit score is 746

eric1 · Posted: Sat Nov 21, 2009 7:23 pm Post subject:

What you really need is a STATED INCOME LOAN. That is what most self employed borrowers are looking for and the rates will be a little better than No Ratio.

STATED INCOME RATE QUOTES

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Please Help me get this loan!!