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can i do conventional mortgage 719 fico score and 39% DTI?

debts a bit high but income is good at 63 a year and looking at a promotion with pay raise. hoping for conventional with 10% down. i know mortgage insurance will still be needed but can i get a lower rate with 10% down despite my DTI? by jacobwiley6348953 from Logan, Utah. Sep 16th 2014 Reply


David Capra (dave@redrockhomeloans.com)
#24 ranked lender in Utah - 12 contributions

Hi Jacob,Yes, conventional would be no problem with this scenario. We would even have options with no mortgage insurance which would lower the over monthly payment obligation. Thanks!Dave

Sep 16th 2014
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 562 contributions

39% is well under the 43% for some conventional loans and 45% for other conventional loans. You should be able to get a good conventional loan with 10% down and a score of 719. I would like to help you get your credit middle credit score to 720 or maybe even 740. That will insure you get the lowest rate on your mortgage insurance. Give me a call at 801.550.1222 and I can answer any questions you might have. I truly believe in information without obligation. Linda Miller linda@lindamillergroup.com

Sep 16th 2014
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Brandon Brady (BrandonBrady)
#66 ranked lender in Utah - 14 contributions

Yes, you can do a Conventional loan with these parameters. By putting 10% down, you will get a lower rate on your mortgage insurance or you could do a conventional loan with no mortgage insurance. Typically your rate will be about .25% higher on the loan with no mortgage insurance than the loan with mortgage insurance.

Sep 16th 2014
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Their is a great chance you will be approved and we might want to look at the option without mortgage insurance as I have a program with it. Call me for details. 801-557-8540

Sep 16th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

You should be fine.

Sep 16th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Your credit score is OK... and a 39% back debt ratio is OK. You can go to 45%.

Sep 16th 2014
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 226 contributions

Yes, your DTI and Fico are just fine. You'll likely want to look into options with Lender Paid MI; that's what everybody else here is alluding toward. There is quite a bit of a difference on the MI pricing once you hit a 720 credit score, and then a little better still at 740. If you can pay down a little credit card debt, do that before applying; that will give you a good score boost. Frankly, if you have a lot of credit card debt in that 39% DTI, you'll likely find yourself better off by only putting down 5% on your home loan and using the other 5% to pay down that debt; this is often a better overall financial strategy, as you'll get tax efficiency, and probably an overall lower monthly debt service. I'd love to help you out. Give me a call at 801-918-9385.

Sep 16th 2014
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Jason Hall (JasonHall)
#25 ranked lender in Utah - 79 contributions

You didn't specify if that 39% DTI is your housing debt ratio, or your overall debt ratio, because that makes a difference. If your housing debt ratio is 39%, that could prove difficult, but if that is your overall debt ratio, you should be fine. As everyone has said, there are a number of options when it comes to mortgage insurance and details. Your best bet is to grab a local professional (preferably me) and get your questions answered with more accurate information. But it appears you should be fine. Let me know if I can help you - 801-758-9962

Sep 16th 2014
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