Purchase Home Loan Needed excellent Fico and down high DTI

Asked by Allgood2010, Sacramento, CA Thu Mar 3, 2011

Currently own mobile home and pay space rent. With this and the new home the DTI is coming out to 58%.
820 Fico 210k purchase price putting 80k down. 15 years at job. Who can do this loan and what is idea of interest rate 30 yr fixed. We have a contract on a house already and need approved loan by the 12th of March and need to close by April 14th.

Help the community by answering this question:

+ web reference
Web reference:

Answers

11
Ed, The Mort…, , Sacramento, CA
Thu Mar 3, 2011
BEST ANSWER
So it's a Non-Owner Occupied purchase of a $210,000 home with more than 30% down. With that loan to value, lenders may allow the rental income to be counted in the DTI. You signing a rental agreeement for a term of at least one year might help your mom's ability to qualify.
0 votes
Ed, The Mort…, , Sacramento, CA
Fri Mar 4, 2011
There are a few lenders that will allow rental income to be counted for borrowers with no previous rental property history. Please let me know if you run into any issues and I'll see what I can do. Best of luck to you!
0 votes
Allgood2010, Home Buyer, Sacramento, CA
Thu Mar 3, 2011
No she does not receive social security which I thought was explained when I said she would be retiring in 3 years..in other words she still works. I checked into the rental agreement situation but from what I understand it wouldn't qualify since she doesn't have any past rental income. This was of course coming from Wells Fargo who doesn't offer as many options. Thank you for all the help provided and I guess really the only way to find out is once the company we are starting this process with now receives all her docs and sees what the whole picture is. I had looked into no ratio/siva but the interest rates are ridiculous. Thank you again for your info.
0 votes
Nicholas, , San Francisco, CA
Thu Mar 3, 2011
sometimes you can go up to 50% with 6 months of reserves and still get an approve. Does your mom receive Social security income, sometimes you can gross that up by 25% to qualify.
0 votes
Allgood2010, Home Buyer, Sacramento, CA
Thu Mar 3, 2011
There are no other bills/debt to pay down.

This is a loan for my Mom ( I was explaining the situation as if I was her hence the "when I retire"). I'm trying to do all the narrowing down for her since she doesn't have a lot of free time. The manufactured/mobile home is in Sunnyvale and she will remain living there for the next 3 years until she retires. The new home I would rent until she moved here.

We have talked to Wells Fargo and DTI doesn't work they won't go over 45%. Quicken said "no problem" but from what I understand they say "no problem" to get the upfront fees and then loans don't get closed or drag on forever.

I did speaking with a Mortgage Company who is local and they will be getting all the docs tonight. I guess I was just trying to get a good feel for "no way" or "yes there is a good chance".
0 votes
Ted Greene, Agent, Sacramento, CA
Thu Mar 3, 2011
We can help! We have a lender that can finance a "no income ratio" loan for borrowers with credit score of 700 or better. Or, if you can go FHA we might be able to qualify you with a higher DTI. Have you thought about using some of the $80K you have in reserves to pay down some of your bills to lower your DTI? If you need further assistance just give us a call 916-442-4500. Thanks!
0 votes
Elva Wormley, Mortgage Broker Or Lender, San Jose, CA
Thu Mar 3, 2011
Hi Allgood2010,

I believe I can help you with this.

Elva Wormley
(408) 615-8500
Cobalt Financial Corporation
0 votes
Ed, The Mort…, , Sacramento, CA
Thu Mar 3, 2011
Will you be renting out your mobile?
0 votes
Allgood2010, Home Buyer, Sacramento, CA
Thu Mar 3, 2011
The new home will be 3 hours North as it is where I want to retire. When I say mobile home I mean manufactured home (no wheels but no foundation).
0 votes
Michele Pete…, Agent, Rocklin, CA
Thu Mar 3, 2011
I have someone who can help you.

Please give me a call or send an email when you have a minute.
They - will need to talk to you to get the specifics.


Michele Peterson
Keller Williams Realty
(916) 743-5934
CallMichelePeterson@gmail.com
0 votes
Nicholas, , San Francisco, CA
Thu Mar 3, 2011
can't you say that you would be parking your mobile home in the driveway or vicininity of your new home, and would no longer have the space rent? That could bring down your dti some...
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more