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Mortgage qualification guidelines

Profile picture for MComeau
I have good credit and I am looking to qualify for a purchase loan for a monthly payment up to 1500. A mortgage of 1500 will bring my DTI up to 66%. Are there lenders that will approve such a loan or is 66% too high? The 1500 alone is 38% of my income and the back end expenses bring it up to 66%.
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March 31 2009 - Brockton
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Answers (3)

Profile picture for OKCLENDER
If you are over 80% LTV on conventional, no luck there.  PMI companies have set total fixed DTI to 41%.  If you are below 80% LTV it is a possibility given credit scores and reserves after closing etc....  You should consult with your Loan Officer for all applicable guidelines.
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March 31 2009
Profile picture for DebtFreeDave
Here is some information on loan programs and loan guidelines.  Hope it helps.
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March 31 2009
Profile picture for RealEstateReinvented
Hello,

May I refer you to Ellen Roche at 978-994-6011. She can answer any question regarding financing.
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March 31 2009
 

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Profile picture for Chris Duncan
QuestionMortgage qualification guidelines
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