Posted on: 16th Jul, 2006 06:08 pm
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
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
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
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
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
D. Hill
yes, credit score of 640-660 is good but something around 720 would be even better to qualify for a comparatively low rate.
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.
FHA is changing the maximum debt ratio to 45% in mid-December and maybe up to 50% with compenstaing factors.
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
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
Hi
Welcome to mortgage,
Your cradit score is very well. I think you are qualify for that.
Welcome to mortgage,
Your cradit score is very well. I think you are qualify for that.
I cant understan this?
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.
