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Answers (16)
- David Sheir, "DavidSheir"
- Contributions:21
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.
- Guy Barre, "findhomeloanrates"
- Contributions:12
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.
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
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.
- Brian&Kelsey Johnson , Broker Associate, "BrianKelseyJohnson"
- Contributions:41
> than 41% leave alot of room. What is it?
- Candace Camacho, "CandaceCamacho"
- Contributions:420
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.
- Tom Mack, "Tom Mack eXp Realty"
- Contributions:79
You have a few options, get with a well qualified mortgage broker to help walk you through this process.
- Jonathan Davis, "Upfront Lending Inc."
- Contributions:41
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
Good luck
- Carl Ashton, "Carl Ashton"
- Contributions:86
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
(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
- Jody Hale, "Jody B. Hale"
- Contributions:51
Yes - compensating factors are key. Be sure you disclose all of your assets. That can make a difference.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Indeed. There are a number of loans out there that fit that criteria, assuming you qualify with the other guidelines...
Greg
Greg
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
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.
- Russell Smith, "RussellMortgage"
- Contributions:109
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.
- David Sheir, "DavidSheir"
- Contributions:21
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
- Ed Groussman, "egroussman"
- Contributions:16
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.
- Faye Kashanchi, "Fkash"
- Contributions:4
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.
- Celeste Starmer, "W.VolusiaHouseHunter"
- Contributions:47
Yes
Are there loans out there for 5% down and with a debt/income ratio > than the 41%?
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