Financing in 08094>Question Details

Ashleyk87, Home Buyer in 08094

My name is Ashley, Is anyone doing 203K loans in NJ for someone with a 660 credit score and a DTI of 51%?

Asked by Ashleyk87, 08094 Wed Apr 6, 2011

203k loans, mortgages, DTI

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AnnieMac - Team Jeff Onofrio’s answer
Typically we require that at a maximum you have a 50% DTI- however I would like to see how this was calculated and see if we could calculate your income to get you to qualify. Sometimes income is not cut and dry and one underwriter will look at something one way while another will look at it another way.

Also we may be able to provide you a cheaper rate on a fixed 203k or even potentially qualify you on a FHA 203k 5/1 ARM which would give you more room for qualification purposes. Not everyone has that product so you might not have been offered it yet. Being so close I would tend to think there should be a way to get it done.

One last thing to keep in mind is that if you exceed the normal guidelines for an FHA loan of a 43% DTI, we like most lenders, will want to see that you have some compensating factors such as reserves (assets) in the bank after close, additional down payment, good job stability, higher scores, etc. There are more but that is a small sampling. Remember- higher DTI means higher risk for us as the lender and the more compensating factors to make the underwriter feel warm and fuzzy the better!

Hope this helps and feel free to reach out to me as I would like to help you out if you haven't already closed on your loan.
0 votes Thank Flag Link Sat Nov 19, 2011
I represent a lender that will allow a credit score of as low as 530 on a 203K with a dti of 55. if you would like additional information please call Camille Marotta 732-539-9300. I am the branch manager of Jet Direct Funding and I have 29 year of experience in the rehab/construction lending arena. I can answer any questions you have and would be happy to meet with you at your convenience.

One of the issues that I find is that all loan officer claim that they can do 203K loans but few know the ins and outs of the product. I can give you a list of reference for the 203K loans that I have done in the past and recently. You may reach me at 732-539-9300 that is my cell.

Camille Marotta, Branch Manager, Jet Direct Funding 732-539-9300
0 votes Thank Flag Link Mon Oct 31, 2011
Yes, you can get a 203K loan. This is an area that I am very familiar with . There are also USDA grant government loans that may qualify here as well with no money down. If you need assistance, please let me know. I can also refer you to a lender with 203k experience.

Janet Larsen, Broker/Associate
Remax Connection
660 Woodbury-Glassboro Rd,
Sewell, NJ 08080
Offc: 856-415-1210, ext 321
Cell: 856-261-6910
Web Reference: http://www.njrealtorjan.com
0 votes Thank Flag Link Sun Apr 10, 2011
I was in a similar situation as yours and Ed Groussman from Home Savings of America was able to close me with no problems at all. I actually found him on Trulia based on someones elses recommendation. I am in NY but I referred my brother whom lives in NJ and he is currently working on his loan. His email is egroussman@myhoa.com

Dana R
0 votes Thank Flag Link Fri Apr 8, 2011
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