I wanted to find out if any lenders would do a 5-10% Conventional Loan with a DTI of 48%

Asked by Mytiah, Encino, CA Sun Nov 10, 2013

Im trying to lower my DTI, but if 48% is the lowest I can get it, Can I qualify for Home Path or a Conventional .. Looking for a lender who could work with these ratios.

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Randall Yates, Other Pro, Dallas, TX
Sat Nov 16, 2013
We help people with difficult situations most lenders cannot help.Check out our site we will review your situation and refer you to a reputable lender that has the right type of loan for you, that's what we specialize in..
1 vote
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Mon Feb 10, 2014
It seems that your DTI is a bit high. The max DTI that most lenders can do is around 45% and sometimes lower. I suggest that you look at your finances in order to help lower your DTI. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me. Good luck! Brian Nguyen Sr. Mortgage Banker Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes
Bradley Neum…, Mortgage Broker Or Lender, Franklin, TN
Fri Nov 15, 2013
We can do that. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states and you can apply online at http://www.myccmtg.com.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes
Celine F, , Louisiana
Mon Nov 11, 2013
If there is any way to lower your dti, you will have a lot more options. Are you getting the lowest interest rate on your loans, credit cars? Are you getting the lowest premium on your home insurance? Any extra money that you have to "throw away" because of higher interest rates will not only make your monthly debt obligations high, you will end up paying tens of thousands for your house over time if you were able to get a loan.Check the link below for fastest and most effective ways to lower debt obligations, raise credit scores.
0 votes
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Mon Nov 11, 2013
For conventional loans with Debt-to-Income ratio over 45%, Freddie Mac is always a better option (than Fannie Mae) as that agency's risk factor guidelines are high on Loan-to-Value, Fico Score and Loan Product, but Debt Ratios is considered a LOW risk factor.....unlike Fannie Mae ...

Feel free to call me for more details

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes
, ,
Mon Nov 11, 2013
Not trying to be contentious, but FNMA thinks that 45% is the maximum DTI on a "conventional" mortgage .However on HomePath it is 55% with a DU approve. Perhaps these other lenders are thinking of FHA, which will go to 55%. The difference between 45% DTI and 48% DTI could be bridged in a number of ways.

If the property does not happen to be a Homepath, I would recommend to just offer less, who knows maybe they will accept your offer. This is the easiest and most cost efficient way to handle this issue.

Also we could perhaps do a 3% down and buy down the rate with the other 2% you would have put down. Sometimes that will work, sometimes not.

Also I would go in and see if I could do some sort of alternative MI or buy down the rate to make it work. We do tend to have lower rates than most other lenders so that by itself could bridge the gap that small and put you at the 45% you need.

Here is the thing, you do not want a lender that is going to say sure they can do that if they can't. Loan officers are under real pressure to produce loans and sometimes are too optimistic. Unfortunately, many times the loan officers are likely to say yes when the underwrites says no. Here on Trulia you will find countless posts of people who got to closing, had t he lender pull out of the loan, leaving the poor buyer to scrap with the seller over their good faith deposit.

Also, trying to make the debt ratios work, some lenders will be tempted to work with a short term lock in because the rate is lower and makes it easier for the numbers to work. But what if rates go up?

It is important to get the approval correct, as mortgages that do not close often end in legal problems and lost good faith deposits, not to mention the stress.
0 votes
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Mon Nov 11, 2013
Yes, some programs are available.
0 votes
Mark & Janice…, Agent, Simi Valley, CA
Mon Nov 11, 2013
Contact Laura Berg at OnQ Financial at laura@lauraberg.com. She is incredibly knowledgeable and if she gets you approved you know your loan is rock solid. OnQ Financial offers a wide variety of lending products and we highly recommend them. Tell her Mark & Janice Del Santo referred you. We are local realtors who grew up in Granada Hills. We would welcome the opportunity to earn your business and assist you with your home purchase.
0 votes
Jose Alcedo,…, Agent, Granada Hills, CA
Sun Nov 10, 2013
Try to call, Prospect Mortgage (Dan Harrington, tel# 818-800-8710) if they can answer your question. Referred by Joe Alcedo/Broker Associate, Century 21 All Moves. I'm here to help you find your house to buy. Please email me how may I help you in your real estate needs, jvalcedo@gmail.com
0 votes
Alexander Gr…, Agent, San Jose, CA
Sun Nov 10, 2013
Yes. My company does. Let me know if I can help you out.

Alex Greer
Loan Officer
NMLS #1056079

0 votes
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