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You have a few options to increase your purchasing power a little bit.Find out what amount they are using for your annual hazard insurance. See if you can line up a policy for less than their estimate. Sometimes a higher deductible can accomplish this. You might be able to add 3 to 5,000 to your loan amount with this tweak.Another option would be to consider buying down to a lower qualifying interest rate. This lower rate would also free up some purchasing power by keeping your debt to income ratio in line.
Last option would to ensure they are caculating your income accurately. If they are using only an estimated income and not an exact one, it will be subject to the final qualifying income determine by underwriter.
I'm not sure all of this will get you an extra 20,000 loan amount, but you might find about half of that with some of these changes.
After reading through everything, you will be able to borrow more if you pay off your truck- The issue is not the LTV- The issue is your DTI and since income is a fixed amount, you can raise your buying and or increase your finance amount by removing debt and or getting an exact amount for what your insurance will be. Additionally, you may want to go FHA as they allow for much higher DTI's- You will need mortgage insurance even if you put more than 20% down so that must be taken into account as well.
Your front end ratio is pushing 40% for a loan of 100K. I bit high but doable based on your reserves. You must have some debts that is pushing the back end ratio over 55%. Fannie/Freddie lays out the rules that the banks need to abide with if they want to sell the loan to them, and they are the only real buyers right now for mortgages. Freddie Mac allows a 60% backend ratio but the overall file must be very strong.Send a Zillow Qoute request to see who you can find that can help you out.
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