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Are there loans out there for 5% down and with a debt/income ratio > than the 41%?

  • April 08 2011 - Lake Mary
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Answers (16)

FHA Loans are 3.50% down and can go as high as 55% debt to income.  VA Loans (for active and retired military) can go higher than 41% in certain strong loan files and have a 0% down.  HomePath and USDA Loans also have lower down payments.  Much depends on your individual circumstances and financial profile.  Many loans are done with higher than a 41% debt to income ratio.  I hope this helps.
  • July 29 2011
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FHA Loan to 97.50% of purchase price.  Overall debt-to-income ratio could go up to 55% with compensating factors.  Do not hesitate to contact me if you need addditional infomation.
  • July 23 2011
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Absolutely yes.   I've gotten approvals up to 57.99%.   I don't recommend that unless you have some income that we're not accounting for (like a border or something), but yes the easy answer to the question is absolutely yes.
  • July 22 2011
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> than 41% leave alot of room. What is it?
  • July 22 2011
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Have you purchased a home before?  If not a FHA loan would work.  Some credit unions as well have products that are pretty similiar to a FHA.  Good luck finding a lender and happy hunting.

  • July 22 2011
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You have a few options, get with a well qualified mortgage broker to help walk you through this process.
  • July 21 2011
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Yes this is possible - Some have already mentioned FHA and USDA - they tend to be the most lenient when it relates to ratios. Compensating factors ultimately may be the push you need to get the deal completed so list all your assets

Good luck
  • May 16 2011
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USDA - Probably not too far from Lake Mary 102% financing to a 45% DTI
(Based on zipcode)

FHA - 3.5% down (I have run DU and closed some at 45 and 47% DTI)

Homepath - 3% down and 3.5% toward closing till June 30th 45% DTI

VA -100% financing to 45% DTI
  • May 08 2011
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Yes - compensating factors are key.  Be sure you disclose all of your assets.  That can make a difference.
  • April 21 2011
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Indeed. There are a number of loans out there that fit that criteria, assuming you qualify with the other guidelines...

Greg
  • April 18 2011
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based on your Lake Mary profile (or anywhere in Florida); conventional will cap at 41% if your score is 720 to 739 and at 45% if your score is 740 or higher.
  • April 17 2011
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Don't forget about USDA & VA which are 100% financing and will allow ratios over 41% quite often.  Fannie Mae Homepath loans will allow 95% and over with no appraisal or pmi for primary residence.  Of course, FHA and conventional will allow higher debt ratio depending on the credit, etc.
  • April 17 2011
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Both FHA and Conventional Loans will allow for down payment of 5% and debt to income ratio greater than 41%.  Whether to go FHA or Conventional depends on certain factors:  what type of property your are buying (single family home, townhome, or condo), how high your DTI is (Conventional will stop at 45% due to PMI company restrictions while FHA will go as high as 55% under the right circumstances), and, finally, the difference in the cost of mortgage payment.  Please let me know if I can be of further help.  David
  • April 08 2011
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FHA all day. You can put down as little as 3.5% and typically ratios as high as 50% get approved. Feel free to contact me if you need further assistance.
  • April 08 2011
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Yes, there are FHA loans that will qualify with >41% Debt to Income ratio. You will have mortgage insurance added to your monthly payment as well as upfront mortgage insurance fee added to your loan.

  • April 08 2011
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Yes
  • April 08 2011
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