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Looking for a mortgage loan that doesn't have DTI requirements

by loren782 from Altadena, California. Feb 2nd 2016 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,369 contributions

No such thing... Current laws have changed the way loans are approved and the "Stated income" type loans are no long available.. All conforming loan products have mandatory maximum DTI's.. the question is, who's calculating your DTI? If your doing it yourself, you should have a professional do it since most individuals calculate it wrong.. Lenders look at your Minimum payments on DEBT like car payments, credit card payments, student loans, child support, etc.. ... they do not take into consideration your monthly reoccurring bills such as your cell phone bill, utility bills, insurance bills.. etc.. Also, different lending programs allow for different DTI's.. Conventional, your maxed out at 45%.. FHA will go as high as 56% but they have a maximum loan amount that varies based on your county.. If you calculated your own DTI, or your wish to see exactly what you qualify for, then 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, 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 NMLS# 226347

Feb 2nd 2016
Chris Rahn (
#1260 ranked lender in California - 6 contributions

Need a little bit more information:What is the scenario? Purchase price? Down payment?Primary residence, second home, investment property? Credit score? What type of property is it? How much in asset reserves after your down payment? We lend in CA and have some pretty creative solutions. If you would like to email me your scenario, I would be happy to look into it for you.

Feb 2nd 2016
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