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adminuser, Home Buyer in 53215

High DTI Mortgage

Asked by adminuser, 53215 Sat Dec 7, 2013

I'm looking to get a mortgage with a high DTI - approximately 60%. My scenario includes the following:
-Current DTI of approximately 60% (includes the approximate monthly payment of principal, insurance and taxes on a $145K loan)
-DTI does not include student loan payments. Student loan currently in deferment status through June, 2015.
-DTI does not include monthly 401K loan payments.
-Foreclosures on credit report from July, 2007 & Bankruptcy in June, 2008. No late or missed payments on credit report since October, 2008, when bankruptcy was discharged.
-Middle FICO score is about 640.
*Willing to pay higher interest rate for alternative financing*

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Answers

3
You will probably have to lower the loan amount. It's possible to get a loan with 50% (sometimes 55%) DTI but the rules are changing in Jan where you will have to be below 43%. I would be happy to play with the numbers for you and try to get you a loan, but you will have to act fast because some lenders are already implementing these new rules. I work with over 40 lenders, which allows me to provide my clients with more opportunities. Feel free to contact me with questions or to get started!

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
apimentel@marketplacemc.com
0 votes Thank Flag Link Mon Dec 9, 2013
You might want to talk to someone from Waterstone Mortgage...they work "outside the box" in terms of getting loans for buyers with unique situations. Give Kurt Waltenberger a call at 262-938-9259. Here's a link to his website: http://www.kurtwaltenberger.com

When you want to start looking for a home, you can contact me...click on the blue "contact" link below my picture!

Good Luck!

Kris Plechaty at First Weber Group Realtors
0 votes Thank Flag Link Sat Dec 7, 2013
Thanks so much for the info!
Flag Sat Dec 7, 2013
Go over this with your lender, you will probably need to check with a few.
0 votes Thank Flag Link Sat Dec 7, 2013
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