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Credit score 710, $57,500 income, $50K to put down, need to borrow $80K, but have Income/Debt ratio issues...want to buy in FL...

by bigbarry12017818 from , California. Jun 13th 2015 Reply


Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

Do you have a way to eliminate any other debts to improve you ratio's?Do you have a non-occupant co-borrower that can help you get this done?

Jun 15th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

more info would be needed to properly answer your question.. What is your DTI and who is calculating it, you or a lender.. For conventional financing, your maxed out at 45%, but FHA can go as high as 56%.. Also, most folks ( and some dumb lenders) calculate your DTI incorrectly, so I would have a professional do the calculations for you.. Borrowers tend to include all their "Bills" into the calculation.. but its called DTI (DEBT to Income) for a reason.. we only calculate the minimum payments on your DEBT, Plus the new Housing payment.. CC payments, car loans, student loans, personal loans, etc, are all counted in your DTI.. however we DO NOT count your utility payments, cell phone, car or health insurance.. etc.. these are ignored.. Also, we use your Gross pay before taxes and deductions.. not your Net pay (take home).. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile including your income and debt, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 15th 2015
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