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DTI 32%, looking to add mortgage raising DTI to 58%, credit score above 700. the home is $170k looking for payment of $1k/m. by williams668 from Raleigh, North Carolina. Dec 20th 2017 Reply


Hi! There may be a way to make this work for you. Would need more information. Please send me an email to chad@mortgagewithchad.net and we can go from there. I look forward to hearing from you soon!Chad HuffstetlerNMLS ID 114612Raleigh, NC

Dec 20th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

More info needed,,,, First, when it comes to calculating your DTI, it's best to let a professional help with it.. most borrowers calculate it incorrectly, and typically come up with a higher ratio than actual. For Mortgage lending purposes, we only include the MINIMUM payments on outstanding DEBT.. so credit card payments, car loan, student loans, etc, We also include any IRS payments, alimony or child support, and for some loan products, we are required to add a "Phantom" payment for any outstanding collections that you might have.. and we have to add the new housing payment as well. These are all included in your ratio.. but we do not include cell phone, utilities, insurance, etc.. So we include DEBT payments, but ignore monthly reoccurring BILL'S.. The ratios are also calculated using your GROSS pay before taxes.. Again, this is just in regards to your debt.. When it comes to calculating qualifying income, the formulas are much more complicated.. Commissions, Salary, hourly, tips, piece work, variable pay, or self employed.. all of these have varying guidelines.. This all being said, to calculate a payment, we need to know all 3 credit scores for all borrowers, since interest rates are based on the lowest mid score of all borrowers.. Also, property type.. SFH, condo, town house, MFH,,, All have different rates.. then occupancy.. Owner occupied, 2nd home or investment.. again.. all 3 have different rates.. what about down payment? 3%, 3.5%, 5%, 20% more?? rates vary based on the down payment... Realistically, you should ditch the internet blog posts and pick up the phone and contact a mortgage banker/broker and apply with them. (Stay away from the "Big 4" Banks)..Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/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 banker/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 big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Dec 20th 2017
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

There is an alternative type of lines of credit/loans, that are very easy and fast , please email at lindaonthego@outlook.com i

Dec 26th 2017
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