If you need any help, I am always available to meet in one of our NYC branches. Good luck!
Senior Loan Officer
Sterling National Bank
Interesting scenario in that I'm not sure where or why you're coming up with the 25% Debt-To-Income (DTI) ratio and the other one of 40%. Were these numbers calculated by your mortgage professional?
Because most conservative guidelines for Conventional Loans and Government Insured Loans (including FHA, VA and USDA) have higher DTI requirements.
So, before you begin bringing family members in to assist you in qualifying (which is allowed under certain guidelines/programs) and potentially "mucking up the works" of your qualifications (those same guidelines can be more stringent when using Non-Occupant Cosignors), you need to get an accurate assessment of your qualifications, including a correct calculation of your Debt-To-Income ratios.
Meet with a Local Mortgage Banker in person for your mortgage Prequalification.
Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are REGISTERED. There's a BIG difference.
Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Consumers have been led to believe---thanks to huge advertising budgets with the BIG BANKS---that they should go to their bank for a mortgage loan. This is the WORST place to get assistance with the BIGGEST PURCHASE of your life! These BIG BANKS are basically BIG CORPORATIONS. You're a number, at best. With a Local Mortgage Banker you will be treated like a friend and a client for life. You can't imagine the high quality of personalized service you will receive from a Mortgage Banker until you try.
As to price---rate and fees---competitive if not better than the BIG BANKS.
You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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There is not enough information here for us to give you a definitive answer. You need to speak to a mortgage banker and get yourself pre-qualified. When you do that, make sure that you, your husband and his parents all meet with the banker together to go over all of your qualifications. This way there will be no mistakes.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Chances are pretty good, but ask the expert.
If you call Dominick Sutera of Academy Mortgage Corp, he will be able to give you a definite answer and guidance.
Dominick is the guy who teaches the rest of the loan officers and he knows his business.
Reach Dominick at 516-249-4800 or dsutera@BankAMC.com
Having your husband's parents cosign may help or harm your chances depending on their own credit, income, assets and debt situation, of which you made no mention. Also, I'm not sure why you said your husband's debt to income ratio needs to be brought down to 25% for you to be approved. I routinely get buyers approved for mortgages of all sizes and types who have debt to income ratios that are higher than 40%. It's possible that your current lender, if you have one, may have uber conservative underwriting guidelines. The only way to know is to get a second opionion from a licensed and experienced loan officer working with a direct lender. I can provide you with a complimentary second opion without cost or obligation and can be reached directly at 917.699.0183 or via email at firstname.lastname@example.org.
Senior Loan Officer
NMLS License 24076
Cliffco Mortgage Bankers
If the co signer is good, yes, I don't see why not. This is a question you should discuss in depth with a mortgage broker though. If you need a mortgage broker or help finding a home, call me anytime!
Remax At The Slope New York
M: (212) 300-3919
F: (347) 587-2828
261 4th Avenue Brookltn NY 11215
If you would like to discuss this in more details, fell free to call me.