Does anyone knows any banks that will lend on a free and clear property with debt ratio over 45%?

Asked by SBellesPro, Chicago, IL Thu Sep 5, 2013

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Answers

19
Mary Laurent, Mortgage Broker Or Lender, Chicago, IL
Fri Sep 6, 2013
Work with a local bank, they have more flexible options. Like Billy said, if you borrow less than 40% and your LTV is 60% - and its a primary property, you should have a good chance.
1 vote
Runa Charlie, Home Buyer, New York, NY
Thu Jan 15, 2015
Hi my name is Charlie, we can help you with that, call our company Pitts Enterprises Inc. Here's the phone number 708-557-9667
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Thu Jan 15, 2015
Hi

Thanks for the question.

I am sure there is Private Equity that will lend based on
what your down payment for the home will be .

Check with Ricardo below.

Good luck
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Thu Jan 15, 2015
We go up to 56%

Riccardo Wardlow
Sales Manager
NMLS 219402
Cross Country Mortgage
630-670-8266
323 546 8066

Specializing in Illinois and California
RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 600 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 640 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*Investment properties
*Closing loans in 3 - 3.5 weeks
0 votes
Michael Decm…, Mortgage Broker Or Lender, Bolingbrook, IL
Tue Jan 13, 2015
It seems that there is a loan here, give me a call to discuss the circumstance and your ability to repay this loan.

Mike Decman
Cherry Creek Mortgage Company
6440 Main Street, Suite 320
Woodridge, IL 60517
Loan Officer NMLS # 847074
Office 630-427-4668
Cell 239-633-6323
e-Fax 800-863-5473
Email mdecman@ccmclending.com

To Apply:
http://www.cherrycreekmortgage.com/mdecman
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Mon Jan 12, 2015
I can do that all day long and twice on Sunday...

Riccardo Wardlow
Sales Manager
NMLS 219402
Cross Country Mortgage
630-670-8266
323 546 8066

Specializing in Illinois and California
RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 600 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 640 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*Investment properties
*Closing loans in 3 - 3.5 weeks
0 votes
Mark Zatz, Agent, Arlington Heights, IL
Fri Jan 9, 2015
Your best bet would be to shop around a with a few lenders to check out their programs and the associated costs involved.
Best of luck
0 votes
Michael Decm…, Mortgage Broker Or Lender, Bolingbrook, IL
Wed Nov 12, 2014
Subject credit I do these loans daily. Contact me and expect a quick closing!

Mike Decman
Sr Loan Advisor
NMLS# 847074
6440 Main Street, Suite 320
Woodridge, IL 60517
Off: 630-427-4668
Cell: 239-633-6323
mdecman@ccmclending.com
http://www.1ezloan.net
0 votes
Mary Laurent, Mortgage Broker Or Lender, Chicago, IL
Mon Sep 9, 2013
Hello,

I would be more than happy to review your situation with you and determine your best mortgage options. I have seen Underwriting approval for a debt to income ration as high as 50%! It all depends on the other factors:

- Downpayment
- Credit score and history
- financial reserves

You can either call me directly at 773.516.6859 during the day or 24/7 you can go to my website to apply and get a free copy of your credit report. http://www.guaranteedrate.com/MaryKayLaurent

You can also pull down our e-Book on Demystifying the Mortgage Process

I look forward to talking with you and having the opportunity to earn your business!
With warm regards,

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com
http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
NMLS ID 2611 - NMLS Consumer Access - Licensing Information
0 votes
Mark Ghaowi, , Chicago, IL
Mon Sep 9, 2013
I can help.

Guaranteed Rate
773-739-5169
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Sat Sep 7, 2013
Great options here!

Good luck!
0 votes
JIM Michaels, Agent, Chicago, IL
Fri Sep 6, 2013
Email me at jmichaels@remax.net and I can give you a contact
0 votes
Manuel Brown, Agent, Chicago, IL
Fri Sep 6, 2013
Dear Sellers Pro,

Mary Kay is your lady! She is excellent!
0 votes
Bill J Delig…, Agent, Naperville, IL
Fri Sep 6, 2013
Try a Community Bank that may hold it's loans in their portfolio.

How much do you want to borrow?
30%? 50%? 80%? ...of the value of the property.

If you keep the LTV - Loan to Value Ratio Low, they may be willing to lend on a higher DTI - Debt to Income.

A Home Equity Line of Credit may be an option for you as well.
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Fri Sep 6, 2013
absolutely, but minimum amount out would be 75K.



Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
0 votes
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Fri Sep 6, 2013
The debt-to-income ratio is a direct reflection of your ability to afford the payment. Depending on your credit score and the amount of equity you are looking to take out of the home, yes there are lenders who will exceed 45%. 50% is not unheard of, and if you have stellar credit and very stable income in some select cases you can go to 55%. That is about it though. It's normally determined by Fannie Mae/Freddie Mac/FHA's underwriting program. A physical person (the underwriter) doesn't have the authority to exceed debt-to-income guidelines.

If your debt to income ratio is still too high, then you will want to check with a broker who deals with portfolio lenders in order to get a specialized program. The rate will be higher and you may need to do an ARM as opposed to a fixed rate, but that may be the only way.

If you happen to be 62 or older, then you could also look into a reverse mortgage. No payments, no credit or income requirements.

Best of luck!
0 votes
Matt Laricy, Agent, Chicago, IL
Fri Sep 6, 2013
I doubt it. Speak with a lender though to put you on a program to right the ship. This way you will get a loan in no time.
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Fri Sep 6, 2013
It's getting tough but there may be options - depending on the full profile. Please contact me to discuss the details.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes
Michelle Car…, Agent, Coppertino, AL
Thu Sep 5, 2013
So much depends on the type of debt, loan to value, cash reserves, FICO scores and more.

I understand there are (as of now) still some programs available but they soon will be gone. I would suggest talking to a local real estate or loan expert in Chicago.
0 votes
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