San Diego County is considered a high cost area and has an FHA loan limit of $697,500 so that would give you another option with a little more flexibility with the debt to income ratios. You sould also end up with a lower interest rate going FHA compared to other jumbo financing options.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Peoples Bank & Trust Co.
Senior Loan Officer
614.324.4700 Ext 1561
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.
If that does not work I can go FHA really easy on that.
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.
WJ Bradley Mortgage