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VA Loan

My wife and I are wanting to purchase a home in Missouri using her VA loan. We meet the requirements for our credit scores but our DTI is at 48%. Does anyone have any recommendations on a lender for our situation?? Thanks
  • December 16 2013 - US
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Answers (8)

If you'd like to call me I'd be glad to go over the loan. We have VA underwriters in house that are great. We can get an approval fast, so I can check out your situation and see what we can do.

  • December 19 2013
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The responsed below are correct. Your residual income will be of utmost importance.
We are located in Missouri and we definitely know how to make VA loans work.
Contact me with any questions.

  • December 17 2013
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The VA doesn't have a credit score requirement for a VA mortgage but its nice that you meet it.

Whether underwritten through an automated underwriting engine or manually underwritten, at 48% DTI one of the determining factors will be the residual income which takes into account payroll deductions, dependents, the square footage of the home and other individual factors.

 I've no direct recommendation, however in shopping I suggest you just ask what maximum DTI a particular lender will go to, if they have an overlay that's below your DTI just thank them and call the next one on your list.
  • December 16 2013
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Steward - Generally conventional loans look for a 45% DTI, which is moving to 43% in January.

However, USDA, VA and FHA loans allow for a slightly higher DTI provided certain factors are met:
High Credit Score
Potential For Raises
High Reserves
Strong Employment History

Hope this helps and best of luck in your new home!

-David
  • December 16 2013
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Lenders will need to look at the whole picture to see if you qualify.  48% DTI is acceptable for VA so long as the rest of the package fits (credit score, residual income, etc...)

Contrary to what Mr. Leffew mentioned, generally at this debt ratio level, a manual underwriting situation is exactly what you DON'T want. 

With higher DTI's, generally the only way that you can close loans is with an automated approval.

Reach out to a good loan officer in your area and send in your information.  Good luck!
  • December 16 2013
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At a 48% DTI, lenders are going to want to see residual income if it needs to be manually underwritten. Make sure whatever lender you choose has good reviews and knows what they are doing with VA loans.
  • December 16 2013
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Hello steward104, 

While I am not personally able to assist you in Missouri, I can certainly set you up with a duly licensed Loan Officer that I have trained.  I can assure you that they will answer any questions that you might have as well as guide you through the home buying process in a way that you'll be very pleased with.

Pursuant to Zillow's Good Neighbor policy I cannot get into any specifics on this message board.  If you'd like further assistance, please contact me through my Zillow Profile Page by clicking on my name above. 


Hope this helps! 


Thanks,
Aaron
  • December 16 2013
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Yes, I am in MO and can probably help you out.   Contact me through my profile to get started. 
  • December 16 2013
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