Good afternoon Emile.caires,
Interesting scenario in that I'm not sure where or why you're coming up with the 25% Debt-To-Income (DTI) ratio and the other one of 40%. Were these numbers calculated by your mortgage professional?
Because most conservative guidelines for Conventional Loans and Government Insured Loans (including FHA, VA and USDA) have higher DTI requirements.
So, before you begin bringing family members in to assist you in qualifying (which is allowed under certain guidelines/programs) and potentially "mucking up the works" of your qualifications (those same guidelines can be more stringent when using Non-Occupant Cosignors), you need to get an accurate assessment of your qualifications, including a correct calculation of your Debt-To-Income ratios.
Meet with a Local Mortgage Banker in person for your mortgage Prequalification.
Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are REGISTERED. There's a BIG difference.
Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Consumers have been led to believe---thanks to huge advertising budgets with the BIG BANKS---that they should go to their bank for a mortgage loan. This is the WORST place to get assistance with the BIGGEST PURCHASE of your life! These BIG BANKS are basically BIG CORPORATIONS. You're a number, at best. With a Local Mortgage Banker you will be treated like a friend and a client for life. You can't imagine the high quality of personalized service you will receive from a Mortgage Banker until you try.
As to price---rate and fees---competitive if not better than the BIG BANKS.
You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
If you thought my answer was helpful, please give me a "Thumbs Up." Thanks!