Home Buying in Atlanta>Question Details

Arkla, Home Buyer in Atlanta, GA

MAX DTI / IMCOME NEED FOR A $225K MORTGAGE (SECOND HOME)

Asked by Arkla, Atlanta, GA Sun Mar 31, 2013

WHAT ARE MY OPTIONS FOR GETTING A APPROVAL WITH A TOTAL INCOME OF $6100/M . HIGH FICO AND 10% DOWN. HAVE $75K IN RESERVES(SAVINGS, 401K, INVESTMENTS, CASH)

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Hello Arkla,

It would be hard to tell without fully examining your financial documents (W2s, Tax Returns, etc.) I would be more than happy to assist you in this process.

BrandBank has been around since 1905.

Please feel free to contact me if I can help in any way!

Thanks,

George Cohen
Mortgage Banker
7708435482
0 votes Thank Flag Link Mon Jun 24, 2013
Arkla,

There are a number of questions remaining from the information you posted. First, I am assuming this is a purchase and not a refinance. You listed your income but not your DTI. I am assuming the DTI is north of 45% and hence the reason for this post. This is usually the higher limit to a DTI on a second home. Your limitations in this scenario are both the max DTI of the lender and also the mortgage insurance provider. Any conventional loan with less than 20% down on a second home will involve mortgage insurance. There is a possibility you can get an approval wit the dti above 45% but it would be dependent on looking at a complete file and running it through automated underwriting.

There could be several creative ways to finance this property given your assets and I am assuming a financed primary residence. I would need more information from you to give you more of an action plan. Feel free to email or call me and I will lay out your options in more detail.

Best regards,

Timothy Brown | LPO Manager
Evolve Bank & Trust
tbrown@getevolved.com
11605 Haynes Bridge Road Suite 125 | Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
NMLS#: 168281
0 votes Thank Flag Link Sun Mar 31, 2013
To find out the answers to your question, you would need to get Pre-Qualified. Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:

• Two most recent years of W’2’s/income 1099’s
• Two most recent years of Federal Income Tax returns
• Two most recent pay stubs
• Two most recent months of bank statements (all pages)

A loan officer who does not ask for and properly reviews all of the above documentation is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.

A Pre-Qualification is valid for 90 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90 days, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203K (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Sun Mar 31, 2013
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