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Loan for $215K with 20-25% Down

Trying to get into a $215K loan, I've contacted a few lenders with pre approval, however not having any success getting it approved because of high ratios.  Below is a summary of my current conditions and the house Im looking to buy:

Credit score: 710+
Annual Salary: $28,704 Base (2 years) $31,200.00 with OT (Not 2 years yet)
Credit Cards: None all with $0 Balance
No other accuring expenses

House Location: Gresham, OR
Funds for down payment and closing cost: $54,000
Purchase Price: $210,000-$215,000
HouseTaxes: $3,300.00 Annual
Insurance: $493 Annual

I would be interested in a 5/1 ARM, 7/1 ARM, or 30 year loans all either FHA or conventional.  

Please send me a message if you think you can get this approved through the underwriter.  And please let me know what I can do to get this approved, either coming up with a higer down payment or a different program, etc.  Also, before you contact pleaes make sure you have run my numbers above, I do not want to waste anyones time. 

Regards
  • December 10 2013 - US
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Answers (6)

Don't give up yet! All lenders are different and they can different standards. The route that you will mostly likely have to take is FHA with that DTI ratio. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing a new home. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck
  • December 12 2013
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Hello, I'm a licensed loan officer in the state of Oregon.

I ran the numbers based on the information provided by you, and I see a scenario where my bank would approve your loan. I used up to date pricing, and I'm confident our Underwriting team would approve you on a 30 year fixed loan with no Mortgage Insurance, thus giving you monthly savings not possible with FHA loans.

Let me know if it's something you would like me to look at, please contact me through my profile. 
  • December 10 2013
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Even if you went to a 7/1 ARM the debt to income ratio would be slightly high to get this deal done as a conventional loan.  You could come up with an additional 7% to bring your ratios under 45% and go conventional. 
  • December 10 2013
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you will want to qualify using the 7 year ARM.   You qualify at the start rate on that program.   On the 5 year ARM, you would have to qualify based on 2% over the start rate. That would make it harder to qualify on the 5/1 ARM than it would on the 7/1 ARM.

Is the loan amount $215,000 or $172,000?   ($215,000 sales price - 20% down)   The title says the loan amount is $215,000 but the description says the purchase price is $215,000.   That will make a big difference.

If you can't get approval on a conventional loan, maybe you should try an FHA loan.  

Post your area so the loan officers know. Not every LO can lend in all 50 states.

  • December 10 2013
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Going conventional would be tough as your debt to income ratio is high (51.508) not counting your o/t as this would need to have been received for two years.  You could do an FHA home loan, which would your ratios and maybe putting less down so that way you could refinance as your income grows over the years.  It will have mortgage insurance but what can you do, right if this would be the only program that fits your scenario. 
  • December 10 2013
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Contact me I think i have a solution to get you qualified.

  • December 10 2013
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