Wish Me Luck

[Anonymous]

Requesting A PreApproval for a Rehab loan in the Mid Atlantic region.

Property: $295,000 (229,900 + approx 65K in rehab)
Me: $75,000/year 
Fico: 687/691/740
DP: $12,000 + 12,000 in reserves
Closing cost paid by loan, 
Month Debt: $100 student loans, $45 for CC.  $50K in defferment and the program counts as a $500/month payment = $645/month

What do you guys think?
 

[Anonymous]

Pushing right up the edge of the DTI threshold, but if you can clear that hurdle you should be fine! Good luck and keep us posted!

[Anonymous]

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@Anonymous wrote:

Pushing right up the edge of the DTI threshold, but if you can clear that hurdle you should be fine! Good luck and keep us posted!

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Can you clarify how he is pushing the DTI threshold.  If he has 645 a month in payments on 6250 a month in income he is only at 10%.  Did I miss something?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Pushing right up the edge of the DTI threshold, but if you can clear that hurdle you should be fine! Good luck and keep us posted!

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Can you clarify how he is pushing the DTI threshold.  If he has 645 a month in payments on 6250 a month in income he is only at 10%.  Did I miss something?

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Since he's not putting 20% down, it sounds like he will have PMI. At that house price, his monthly payment is looking to be around $1925-$2000. That will put his front-end DTI at 31-32%.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Pushing right up the edge of the DTI threshold, but if you can clear that hurdle you should be fine! Good luck and keep us posted!

---

Can you clarify how he is pushing the DTI threshold.  If he has 645 a month in payments on 6250 a month in income he is only at 10%.  Did I miss something?

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Since he's not putting 20% down, it sounds like he will have PMI. At that house price, his monthly payment is looking to be around $1925-$2000. That will put his front-end DTI at 31-32%.

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Gotcha.  Thanks!

[apeydee416]

I just did a 301150 price w 3.5 down (with PMI and my payment is in the 1600's. Similar debts. I think DTI wise he is okay.

[frugalQ]

Good luck!!!

[Anonymous]

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@apeydee416 wrote:
I just did a 301150 price w 3.5 down (with PMI and my payment is in the 1600's. Similar debts. I think DTI wise he is okay.

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Does that include your taxes and insurance, or just principal/interest/pmi?

[Anonymous]

I don't believe in luck so all the best... Keep us posted.

[Anonymous]

I think it depends on location.  My final mortgage was for 245,000.00 (put a lot of money down)  My payment is 1917.00.  I'm in a high tax area & hurricane zone.  So our insurance is more than normal. Plus we have CCD fees which brought the small mortgage payment up to almost 2k a month.  On a positive note, you're saying I can get a pool.  YAY!!!! DTI will still be good even with new car payment.