Ok. It is possible I mislead those who answered yesterday. My calculation was based by dividing my debt (approximate) to my estimated annual income. This way shows a DTI of 0.8. However, if I calculate a DTI by dividing monthly debt payments by average monthly gross income (monthly gross income varies due to pay schedule) this number is more to the order of 0.095. How may this change your answers?
I think that with the kind of score that you have you will possibly have a great chance of getting financed at a good rate. I do not make it a habit of quoting rates over the internet because of state specific laws that do not allow me to without other information accompanying the interest rate.
I can say that you qualify for prime financing and I would like to discuss your debt ratio with you. Please contact me at timothy.kazee@americanhm .com and we can discuss this.
Talk to you soon!!!
You need to make sure you include all monthly debt-housing, taxes, insurance and credit card debt. Usually, Fannie Mae type loans will require a 45% DTI or less.
References :
I think that with the kind of score that you have you will possibly have a great chance of getting financed at a good rate. I do not make it a habit of quoting rates over the internet because of state specific laws that do not allow me to without other information accompanying the interest rate.
I can say that you qualify for prime financing and I would like to discuss your debt ratio with you. Please contact me at timothy.kazee@americanhm .com and we can discuss this.
Talk to you soon!!!
References :
I am a Residential Mortgage Specialist licensed to lend in ALL 50 states.
Well, there are mortgages available that do no look at DTI ratios. The rate would be more dependant on the amount of Down Payment (if any).
It also depends on if you are doing a fixed rate or adjustable rate. Also, what state you are in.
Loan Officers technically can’t quote rates in states they are not lisenced in, so it may be best to call a local loan officer and ask them what rates for your scenario might be.
Remember there is no "ONE" rate. They are different for each program and each unique scenario.
References :
http://www.First-Time-Homebuyers-Loans.com
http://www.IDoHomeLoans.net/home-loan-blog