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Closed!!!! We found a Foreclosure in the area we wanted for VERY cheap! applied with my wife who has mid to high 600 scores. My scores are in low 700s and 1 in 690s. We have a rental that we've been renting since May of last year. Our DTI ended up being low 40s backend. Very exciting! now we just need to bid our time to get a construction loan to fixer up!
debt is debt they add all of your minimum monthly payments and compare it to your income for your dti. The only thing different is that for most conventional loans if your auto or personal loans have 8 payments or less, they do not include those in your dti. Call the bank or broker you would likely apply with to find out their policies because they can change and/or add their own guidelines to fha. I will assume your car payments are a lot more than your monthly credit card payment so why not pay the cars down to 8 payments or less
johnnyv5 wrote:
Has anyone recently gotten an FHA or Fannie/Freddie loan with high DTI? and by high I mean over 50%. I'm afraid when we go to get a loan, even after paying of our CC substantially we won't qualify. Do lenders look at CC debt differently then an auto loan? Most of our debt is going to be auto loans and Mortgage loans. I would hate to have to wait until I pay off my cars in order to get a loan.....
jv
@DallasLoanGuy wrote:by 'over 50%'do you mean 51 or 52 or 65?refi the cars?
@Anonymous wrote:would your wife be capable to "buy"out the lease under her name? this would only work if you are in a non community property state if you were gonna go FHA
Would a high credit score offset a high backed DTI (b/w 50-55%)? I am really worried that my DTI is going to kill me when I go to apply for a loan!!!
jv