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Is there any leeway for the USDA loan qualifications? My debt to income is about 32%.

by logan.s596 from Hopkinton, Rhode Island. Dec 16th 2015 Reply


Email me your loan scenario to Smithraymond1@gmail.comThanks.

Dec 16th 2015
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Hello it is based on score and total loan scenarios. So call me 508 802 0935 to discuss or email me at robertoliveira51@gmail.com

Dec 16th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

You are making a mistake if you are trying to see yourself if you meet guidelines or calculating your DTI on your own. You should let a professional analyze your profile. Also, USDA allowable DTI's are broken into 2 categories.. 29/41 for borrowers below 640, and for borrowers above 680, you can go to 32/45. The first number represents only the housing payment.. meaning your combined payment including principal, interest, taxes, insurance, mortgage insurance, and/or HOA or other assessments.. The 2nd number represent your TOTAL debt to income ratio with all your debt including your housing payment.. There are scenarios where they might allow for the housing payment to be higher than 29% to 32%, but you cannot exceed 45% maximum allowable DTI. If you want to know for sure what you qualify for, you should 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

Dec 16th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,452 contributions

Officially USDA is a 29% front housing ratio, and a back all debt ratio of 41%. All you can do is have the lender run it through GUS (Government underwriting system). If the compute says YES, congratulations. If GUS says REFER, you are out of luck. For USDA loans in MN, WI, and SD, visit me at www.JoeMetzler.com/usda

Dec 17th 2015
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