Financing in 92078>Question Details

ST, Both Buyer and Seller in 92126

Max DTI for Jumbo Loan

Asked by ST, 92126 Mon Jun 24, 2013

We are looking for a mortgage with purchase price of 750K and 10% down. What can be the maximum DTI for these type of purchase. We are currently having about 48.7% DTI. Are there any lender who can approve for similar situation? It's a primary residence purchase.

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5
Mark & Kari Shea’s answer
Hi ST,

The very best thing you can do is contact a few lenders to get your question answered.

Best of luck,

Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA DRE License 01713506
0 votes Thank Flag Link Mon Jun 24, 2013
Its Funny how people can quote things online without knowing all the information. Pleas feel free to give me a call to answer all your questions. At The end of the day is to find what is best for you and your family.




Edwin Mieles
Senior Loan Officer




Residential Finance

614.754.2754 Direct
614.324.4700 Ext 1561
877.224.7657 Fax
NMLS: 986881
edwin.mieles@residentialfinance.com
0 votes Thank Flag Link Wed Jun 26, 2013
Daniel raises a good point. Jumbo programs are not saleable to Fannie Mae or Freddie Mac - they are held in a bank's portfolio. So each jumbo lender really sets their own rules.

The highest DTI we can normally work with is 45%. The fact that you are working with a relatively small down payment as far as jumbo loans go is not going to help

Assets can be a consideration with some lenders, but they normally require a larger down payment than 10%.

You could consider an ARM product. If you do a 7/1 or 10/1 ARM we can qualify you based off the introductory rate which may help.

Tony
0 votes Thank Flag Link Mon Jun 24, 2013
If I had to go conventional I would only go to 45%. But I may be able to go with lender paid MI and that may make it go through.

If that does not work I can go FHA really easy on that.


Rich Littlefield
949-930-1210
MCS Lending
NMLS# 287206
0 votes Thank Flag Link Mon Jun 24, 2013
Hi Richard,
Can I have your email id? I will like to explore different options for the mortgage.

Thanks
Flag Mon Jul 15, 2013
You should probably be at a 43% back end ratio. That being said, Jumbo is a bit of an out of the box product in most cases anyways, so there are some out of the box solutions sometimes.

Do you have substantial assets? Typically they can be used as income. If you have an amount equal to the loan amount in assets, you might not need income at all.

The other question, aside from "what is the max DTI", would be "how is my lender CALCULATING my DTI". In other words, DTI is one thing, but not all lenders calculate the DTI the same.

Some will hit you with installment debt with less than 10 months remaining. Some wont let you count rental income on a property you are vacating, etc. And some will...

A good lender will have these answers, and these sources.

Daniel Lehman
WJ Bradley Mortgage
858-345-4725
daniel.lehman@wjbradley.com
0 votes Thank Flag Link Mon Jun 24, 2013
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