Wanting to see if can get approved in missouri

[Anonymous]

We have a middle fico score of about 640, stable income history, regular bonuses every month for the past 6 months but not 2 years, the issue is looking for a lender in missouri that can approve a USDA preferably or a loan in general with a dti around 47% or so, in the USDA guidelines it is possible but alot of lenders we have looked at have overlays that do not permit going up that high, Looking for a bank or broker who might be able to assist in sorting through the numerous different bank guidelines and policies looking to buy in the st charles county area. Can be USDA or conventional just looking for a LTV of 95% or higher cant go down anymore than that.

Thank you

[StarraeAday1]

What a small world! I live in St. Charles County, O'Fallon actually. I have no idea how good he is because I didn't pursue it, but I was dealing with Andy Ward at Wintrust Mortgage. We were discussing USDA, and he seemed very nice and knowledgeable. We determined that I will probably qualify for a USDA Direct loan, so I'll be applying directly with the USDA office in the next few weeks. I hope someone else is able to help you better than I can!

[ShanetheMortgageMan]

USDA's max total debt ratio is 46.99% through GUS, as far as I am aware it cannot approve higher than that (and we've experimented quite a bit).  Anything over about 43% needs decent scores (660+ from my experience).

Conventional's max total debt ratio is 49.99% through Fannie Mae's DU, and 55% through Freddie Mac's LP.  Anything over 45% needs to be very well qualified (i.e. great credit, excellent reserves, good down payment, previous mortgage history)... a 640 score and 5% down is very unlikely to get approved for over 45% with conventional.

FHA's max total debt ratio is 56.99%, and normally just a 620 score is needed, so looks like that may have to be the direction you go in.

[Anonymous]

Do you know a mortgage company that lends in missouri that can go up to 56.99% back end dti, with a 620 score, i have had a hard time in getting details from companies without them wanting to go through an entire application process. You have provided the most insightful information I have come across, would be interested if you knew any companies like above.

Thank you