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Answers (10)
- user0790904
- Contributions:4
I dont get it why mortgage company using DTI. So if im making 12k a month and my DTI is 52%. I still have 5760 for necessity. can Someone explain it to me on how this thing work.
- Brendan C. Fontaine, "Brendan.Fontaine"
- Contributions:8
Absolutely. All you need is for the loan to be Approve Eligible through Automated Underwriting and the loan can be manually underwritten for an approval even with high ratios.
- DaveAndersson
- Contributions:268
Other factors that can affect your DTI max calculation is if you are currently active duty and the # of dependents that you have. Make sure you work someone who has experience with VA loans, or you may end up wasting your time making an offer on a house you can't qualify for.
- Adam Booten, "anbooten"
- Contributions:78
VA loans are different beasts, but we have all seen approvals with higher ratios. I just got one at 54%
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
I didn't know we had any lenders on here in Maine, it appears we do.
Call Dale at (207) 850-1007
Call Dale at (207) 850-1007
- Justin Kennedy
- Contributions:692
VA has residual income calculation and various different factors are invloved. to learn more about residual income click here link Also, I am curious if your mortgage guy/gal has talk to you about it.
- Keane Ng, "Keane Ng"
- Contributions:297
There's a a residual income requirement that VA uses. If you pass that test, you'll likely be fine. I closed a VA loan last month with a ratio higher than that.
- Travis Penny, "travispenny"
- Contributions:3
You should be alright, as long as an approval is attained through DU or LP (these are underwriting engines). The 793 credit score would be a compensating factor. I have had a few in the past that have closed that were in your exact situation.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
No spamming Dale.
- Dale Doughty, "ddoughty1"
- Contributions:11
VA loans have a different calculation for DTI that tries to take into account maintenance on the home and utilities. Therefore your 52% might be a non-issue for them. I also have several lenders that will go over 50% DTI with compensating factors. I'd be happy to run some numbers for you. My number is [content removed by moderator due to self-promotion]
I have a DTI at 52% and a FICO of 793. Is there any lender for me for a VA loan?
My DTI is 52% with a FICO score of 793. The DTI is that high due to the annual taxes on the home I am seeking. I am getting the home for half the cost it is worth because it is a foreclosure. Is there a lender out there for me who will give me a VA loan with this DTI?
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