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53% DTI can I qualify?

First time home buyer in Georgia max I am willing to buy is 165k I have about 20k to put down as a down payment. Credit score 640 I've been at my job for 16 years. I pay 800 a month in child support which is why my DTI is high. My fiance will be living with me and we have more enough income for the payment(her credit ruined by exhusband) Wondering if there are any brokers that anyone would suggest for me. by firstbuyer30125 from Cedartown, Georgia. Dec 19th 2012 Reply


Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

That's tough to get approved with that DTI. I have received approvals on FHA up to 48%-ish. Not a chance on a Conventional loan. Over 50% DTI, I think you have a problem. I would suggest getting a Seller closing cost credit to the max allowed and use that to buy down the rate and/or pay for the FHA MIP. That may help a bit. Or, perhaps move on to another property that puts you within ratio guidelines. Why try to put a square peg into a round hole? You may love this home, but I think you are causing yourself too much grief. Plenty more fish in the sea...

Dec 19th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,819 contributions

I've done FHA loans up to 55% DTI. Work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. You can find a qualified Mortgage Professional at the National Association of Mortgage Professionals at: http://www.namb.org/assnfe/SearchBroker.asp?SnID=1921118381 ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Dec 19th 2012
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Kofi Akpabla (KofiAkpabla)
#22 ranked lender in Connecticut - 37 contributions

Do an FHA loan if your bottom ratio will be 53%.

Dec 19th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

FHA would be your only option.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Dec 19th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

I've done plenty of loans up to a 56% DTI so loan as you get an Approve Eligible via FHA loans. Work with a LOCAL broker and he/she will be able to help you.

Dec 19th 2012
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Gregory Janicki (GregJanicki)
#69 ranked lender in Georgia - 4 contributions

I can see you have had several responses. The two consistent remarks; a) use a local company, not one of the big box banks, b) use FHA. Both are correct. I strongly suggest you have a phone call with someone (or a couple of people) to review all the details. There may be other aternatives or put time on your side and work to a solution over a few months. I would be glad to speak with you if you so desire. I am local, have been a mortgage banker successfully for 23 years. Feel free to go to my website at www.homeloansbygreg.com to learn more about me. I can be reached at 770.880.2680. Have a successful day!!!

Dec 20th 2012
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Briggs Cline (bcline_154_679)
#60 ranked lender in Georgia - 55 contributions

FHA is your only option. I can handle FHA to 55%. Local Atlanta happy to discuss with you. Briggs Cline. www.buckheadhomeloans.com. 404-303-7411

Dec 20th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Work with a local lender and apply for an FHA Loan. with 10% down or better, the DTI is much more flexable.

Dec 20th 2012
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Thanks everyone for all the information we will definitely be contacting some of the LOCAL brokers. We truly appreciate all the information !Thanks again and we wish everyone a Merry Christmas!

Dec 21st 2012
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