mortgage payments

loverbun53 · Joined: 04 Dec 2007 Posts: 1 1.33 Dollars($)

No one can help me, because my mortgage is to high, ratios 61% more than what I make per month. Is there a true and legal mortgage lender anywhere?

livinginnky · Posted: Tue Dec 04, 2007 1:10 pm Post subject:

How are your ratios 61% more than what you make?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi loverbun,

Welcome to this forum.

Now it is really very difficult to qualify for a mortgage with 61% ratio. You have to reduce your debt to income ratio below 36%. Then you can qualify for the mortgage. How do you have 61% ratio? Please let us know the details of your debts and monthly income so that we can suggest you how you can reduce your debt to income ratio.

Thanks,
Larry

jasonredding · Posted: Tue Dec 04, 2007 2:05 pm Post subject:

Loverbun53,

There are plenty of good honest quality lenders out there. This site for example has hundreds of professionals that are looking to offer their expertise and wisdom for free to you so you can make quality educated decisions about your mortgage. We are more then happy to help and match you with a lender that best fits your situation.

Like larry had asked some more nformation on your current situation would be very helpful in answering your questions. When you say nobody can help you who are alll the people who you are refering to. Unfortunatly like every industry and every profession there are people who are good at what they do and people who aren't. Now I know of a lender that I use that can go to 62% DTI ration on an exception. they are willing to do this if it makes sense. the peopl you may have been working with before may not use that lender or know this or they may have been tried and turned down.

To really get a true understanding of the nobody can help situation I/we really need to know the peramiters of your situation. if you can adress these questions we might be able to advise you a little more.

your current

Income:
Property Value:
Loan amount:
Intrest rate:
housing payment principle and intrest only:
taxes:
insurance:
current car payment:
current credit card payments:
Current other loan payments:
Any other payments on Credit report:
Credit Score:
Any late payments of 30 days or more on mortgage:
any banktrupcies or forclosures:
Any other income of any kind:

This information should help us put together scenarios and see if there is anything that any can do. If you don't feel comfortable posting this information for any reasons please feel free to email me directly and I can personally review your situation and see what the issue might be. I can advise youthen how to fix your current situation or get you into a program that will benefit yuo the most.

Good luck and hope that thereis something that can be done.

banker0679 · Posted: Tue Dec 04, 2007 4:40 pm Post subject:

There are MANY lenders that can do up to 65% DTI on a full doc mortgage.

you will need around 700 score...and 95% LTV...and assets.

the AU system LOVES assets...the more you have the better.

Assets - liquid only - 401k, IRA , mutual funds, stocks, bonds, checkings, savings, CDs, etc

shane · Posted: Tue Dec 04, 2007 5:57 pm Post subject:

Yup, Fannie Mae & Fredie Mac (but mostly Fannie Mae) permits debt ratios up to 64.99% and still be eligible. Like banker0679 said, usually there is something needed to offset that high of a debt ratio though... the most common "compensating factors" are equity, assets/reserves, and credit credit scores/credit depth.

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