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In what instances can the debt to income ratio be higher than the average 28/36

Thu May 22 2008, 06:13 - Detroit - Home Buying - 6 answers
 
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Tia
Home Buyer
in Detroit
Tia, Home Buyer in Detroit in Detroit
Answers (6)
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Shirley Pick… was FIRST TO ANSWER
Higher debt ratios can be offset by past housing payment history, overall credit history, a proven ability to save or a guaranteed increase in pay coming in the near future. The highest I have ever seen personally is 91%. The borrower in that case had enought money to buy the house several times over. For more typical borrowers, debt ratios of 50% or higher are approved all the time providing they have at least one of the factors listed above.

Jimmy W. Hill
Mortgage Specialist
National Home Lending
800-311-1867

Sun Jun 22 2008, 12:47
Web Reference: http://www.nathomelending.com
 
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It is best to leave this question to your mortgage lender. They are specialists. Your realtor does the buy and the sell, your mortgage lender is the "money man".

Thu May 22 2008, 09:23
 
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Our lender, Banker's West rate sheet has 45% DTI loans.
And there are some stated income loans out there.

Thu May 22 2008, 08:25
 
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The only way to get around it would be on a fannie mae or freddie mac loan where you can get an automated approval. The fannie lenders must follow the findings.

Thu May 22 2008, 08:21
Web Reference: http://getprequalified.com
 
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Tia, That may vary by lender which is why you should try several but not let them pull your credit. I believe FHA either did or will be limiting credit scores to 580 or higher. If you are not able to get a loan, please request the copy of your credit record as allowed by law.

Here are some suggestions by HUD to help you get a mortgage. http://www.hud.gov/local/index.cfm?state=mi&topic=homeownership

You can also try http://michigan.gov/mshda they offer a program with a lower interest rate if you qualify. There will be a link to lenders on that website.

Thu May 22 2008, 07:52
Web Reference: http://mi-living.com
 
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FIRST ANSWER
When you use an FHA or VA loan. The ratios can be larger when using these types of financing and you have very good credit rations.

Thu May 22 2008, 06:18
 
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