Can anyone recommend the best chance at a mortgage for us?

Asked by Gregory, Sat Jan 26, 2013

My wife and I are looking to upsize. I am a growing chiropractic business and she is an event planner. Our combined income is around 60,000 with mine growing as the practice does. My question is this. We are looking to get a mortgage for around 180 to 190,000. We can certainly afford these payments. The problem is our VIEWED DTI ratio. Lenders are including my student loans. I am enrolled in a gov't program called IBR which makes my loan payment directly based on my income. It has currently been ) dollars for the past 3 years. But all the lenders include it still which nails us on our DTI ratio. Anyone have suggestions for this? As I said the payment would be easy. I mean I just finished paying off my business loan of 60,000 over 5 years and that was including our mortgage. Private lender? Or would someone be willing to work with us. Thanks so much!!

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6
Annette Lawrence’s answer
Annette Law…, Agent, Palm Harbor, FL
Sun Jan 27, 2013
Gregory,
It is truly refreshing to read confirmation there are folks using the programs such as IRB. The other choice would not work as easily for a Chiropractor.
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You will find local lenders will be more receptive to securing the business of a medical professional. Yes, they will take a risk at the front end for the predictable benefit the future holds. You may find the best path to take is to identify local lenders who have a history of investing in their community through small business loans and home loans. Those lenders who are investing in their community are "A" and "B" graded lenders. The big banks will all be "F" graded. They rob their communities through fees and penalties, not invest in them.
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Simply enter your city or zip and identify the lender closest to you. Give them a call.
Go to: http://www.BankingGrades.com

Best of success to you,
Annette Lawrence,Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
1 vote
John Olson, , 75218
Mon Aug 3, 2015
I know this is an old thread but in case another Chiropractor stumbles across it...I have been a mortgage lender for over 14 years and have worked for two banks that had doctor loans. However, they excluded Chiropractors for some reason. I am happy to announce that my bank offers our Doctor loans to practicing Chiropractors in TX and OK! For a purchase price of $525,000, you can put as little as 5% down and there is no private mortgage insurance. We also offer only 10% down for a loan amount up to $650,000. Please feel free to contact me for additional details.

John Olson
http://www.dallasmortgageman.com
214-563-0171
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Jan 27, 2013
Gregory,

I have several solutions to offer you.

Regarding a residential mortgage, call Brian Tom at Cliff Co Mortgage Bank, 516-941-0213 or btom@cliffcomortgage.com.

If Brian cannot do the deal (and I doubt this will happen), I will guide you to a division of the Gladstone Group, Zolo Realty Capital (Doug & Curt Gil at 201-321-5398 or 201-638-0821), who might be able to help with private lending or have other options for you.

In addition to residential real estate, the Gladstone Group is involved in commercial real estate and business brokerage. If you are looking to further grow your chiroptractic business, give me a call...631-425-6150...we have a chiropractor in Nassau County Long Island who is looking to share out his office and equipment a couple of days/week.

Best of luck.

Gail@GladstoneGroupRealty.com
631-425-6150
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Jan 27, 2013
Have you checked with the bank you currently do business with, any other local smaller banks, any credit unions, mortgage brokers...
0 votes
Tammy Benkwi…, Agent, Somers, NY
Sun Jan 27, 2013
You are going to hear this...a lot. You need to speak with a mortgage broker. A broker - different than a bank originator - has access to more than one lender and mortgage products. I do have one in mind I would recommend. Contact me off line and I will share-
email Tammy.benkwitt@cbmoves.com

Good luck!
0 votes
Gregory, Home Buyer,
Sat Jan 26, 2013
The loan payment should say 0 dollars for 3 years.
0 votes
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