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Mortgage qualification guidelines

Profile picture for MComeau
Contributions: 1
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 - Brockton
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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
Profile picture for DebtFreeDave
Real Estate Agent
Contributions: 1312
Here is some information on loan programs and loan guidelines.  Hope it helps.
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March 31
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
 

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Question Mortgage qualification guidelines
  • Latest answer by Chris Duncan
  • March 31
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