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DO YO KNOW ANY BANK THAT CAN DO MORTGAGE WITH DTI 47%?

by BARTAMAH566 from , California. Sep 8th 2015 Reply


Al Hensling (alhensling)
#407 ranked lender in California - 12 contributions

There are other considerations to consider other than just the DTI. We have had success with much higher DTI's than that if there are other compensating factors.-lease feel free to contact our offices to discuss the specific details of your transaction.-Al Hensling United American Mortgage 800-708-5626 x 110

Sep 8th 2015
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Demir Bracic (Bracic)
#1004 ranked lender in California - 7 contributions

Hi Bartamah566. There are many different programs that will allow you to go over the 47% threshold, but is it worth it? Sometimes it is, but you should look at your overall financial picture before pulling the trigger.If you want to see what we can do to help, give me a ring at 949.276.8526 or if you prefer email send it to dbracic@skylinehomeloans.com

Sep 8th 2015
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Call Chelsea Price at 951.310.2481President of Mortgage Group Directwww.mortgagegroupdirect.com

Sep 8th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More info is needed to properly answer your question.. if your looking at conventional, then NO!... the maximum DTI is 45%.. If your looking at VA or FHA, then it's possible you can go to 47%, maybe even higher... But so much more info is needed to properly answer your question.. What's your loan amount? What's the loan to value? are you purchasing or refinancing? Credit scores? Etc.. Also, who is calculating your DTI.. if you're doing it yourself, then it's possible your calculating it wrong.. When calculating your DTI, the lender only looks at the minimum payment on your "DEBT", not your reoccurring bills.. So if you have credit card payments, car payments, student loans, etc.. then the minimum payments are added to your DTI.. but we don't look at your cell phone bill or your utilities or cable TV etc.. those are ignored.. Also, if your DTI is being calculated correctly then it's possible you can lower your DTI by doing a regular withdrawal of a large cash asset account. This withdrawal can be added to your income to offset your debt and in turn, lower your DTI. This is called "Depleted Asset" income.. For this account to work, it has to be a different account than where your down payment is coming from, it must be professionally managed, and you must have enough in the account to sustain 3 years worth of withdrawals.. There are other guidelines regarding this type of income, but these 3 are the most important.. There might be a dozen other ways to make your loan work, but again we would need to look at your complete loan profile to advise you.. so for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, 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 NMLS# 226347

Sep 8th 2015
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Jesse Stroup (jessestroup)
#199 ranked lender in California - 591 contributions

Most banks stick to there loan guidelines and don't push the limits that much. Also it depends on the type of loan, Conventional or FHA loan? If your looking for conventional financing you can look to pay off/down some debts to lower the DTI ratios. If your looking for FHA financing that DTI should not be an issue as the guideline are more relaxedJesse Stroup California Mortgage Professional www.californiahomeloanlender.comNMLS# 6229 510-704-3445

Sep 8th 2015
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Leonard Briones (lbriones@pfgbayarea.com)
#1164 ranked lender in California - 1 contribution

There are several factors taken in consideration besides your debt to income ratio. However that being said, we will follow the automated underwriting findings when it comes to debt to income ratio as long as it is showing as Approve/Eligible. I have had success in getting loans approved with DTI higher than 47% and would be more than happy to see if I can do the same for you. Thank you for your time.

Sep 8th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

Are there loan that can go up to a 47% DTI? Yes, but it depends on the situation, loan type, property type, loan to value, reserves, credit score, , credit history, established credit accounts, etc. With Fannie Mae you will be stuck at 45% on a conventional loan. I have been able to close a few loans in the last few months with a DTI up to 47% using Freddie Mac, but the clients had great credit scores, low loan to value and 12 months of reserves. FHA you can go up to 56.99% depending on your credit score, credit history etc. It just depends. The best thing you can do is to speak with a few local loan officers and find someone who is knowledgeable, experienced and communicates well with you. Then do a loan application and get pre-approved. Best wishes, Sean

Sep 10th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 569 contributions

FHA loans can get qualified with 50% typically but a lot of things go into getting an automated approval for any of the systems - Fannie, Freddie, and FHA. Credit scores, Income and assets can sometimes help get higher DTI. i have sometimes seen Freddie go slightly higher than 45% but again it all depends on the data on your loan when it is run thru the various systems.

Sep 10th 2015
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