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I need a 55 dti loan

I gross $26767/yr. got $408/mo debt my credit score is btwn 648 to 668 and I have $2000 in savings.  I am trying to get qualified for a home going for $94900 in TX.  I am also thinking of getting dp assist from one of many state programs.  any one with good ideas pleas opine.
  • January 12 2011 - Amarillo
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Answers (4)

Chris,

55% DTI FHA loans are out the and I'm a lender than can do them, although you bring up an interesting point in that you mention that you left out your wife's income due to a negative credit report.  You should know that with an FHA loan even if one spouse has a negative credit report the lender is still required to use that spouses liabilities along with your income/liabilities when calculating your total DTI ratio.  

Good luck.
  • January 15 2011
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The Debt I owe is something that I am sure I pay off in the next 2 to 3 yrs.  I left out my wife's income since she does not have a good credit score.
  • January 13 2011
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It looks like this home is too much for your current income and would not leave you enough residual income for food, electric, insurance, savings, etc...

Is there additional household income you are not using to qualify?

  • January 13 2011
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 Man.. I used to do these ALL THE TIME!!  But, alas..  every lender I used to broker these types of loans to no longer does them. 

For FHA, especially with down payment assistance... is going to resist that loan very heavily. 

Honestly... your best bet is to shop for a home at a lower price point.  Besides..  if that is your true income to debt ratio.. you are headed for feeling broke and eating a lot of taco bell..   No one wants to feel like all of their money goes to the house...  Even if there is another income in the house that is not on the loan... like a girlfriend or boyfriend, or family memeber...  you still want to buy a home you can afford on your own. 

Conventional lenders wont touch it anymore, because the secondary market just isn't buying the paper...  You would have a legit shot at it if you were doing a VA loan as long as your residuals were lined up... but if you are not VA eligable.. that doesnt must apply..

I pride myself on being more helpful... but I cant seem to find a lender that will do a 55% income to debt ratio.

Jason Campbell
Mortgage Loan Officer / Realtor

  • January 13 2011
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