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nbiggworm
9 Posts |
 Posted - 07/01/2008 : 10:02:58 AM
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| I am looking for a home for a 438,000 loan, LTV 60%, FMV 730,0000, Borrower is looking to consolidate 50,000 in debts. Borrower's Fico is 559, Co Borrower 603 Fico...the borrower has $39,000 in assets. The DTI is 53% to 59% depending upon your qualifying rate. |
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mganovsky
2070 Posts |
Posted - 07/01/2008 : 10:21:01 AM
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| With a 559 mid score you have 2 options Hard Money or FHA, but he 53 to 59 percent DTI would not fly FHA. Is the DTI still that high even after paying off $50,000 in debt at closing??? |
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lukeallison
1409 Posts |
Posted - 07/01/2008 : 10:35:23 AM
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| You never know with FHA. The front end ratio is just as important as that back end one. The 60% LTV is nice as are the assets they have. I have seen FHA files be aprroved with higher than 55% before. |
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nbiggworm
9 Posts |
Posted - 07/01/2008 : 10:38:01 AM
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| yes the dti is still relatively high after paying off the debt...the borrower has a third job, but we cannot use the income... |
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nbiggworm
9 Posts |
Posted - 07/01/2008 : 10:44:17 AM
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| how high are we talking(debt ratio) FHA? |
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liverichly
3936 Posts |
Posted - 07/01/2008 : 11:19:55 AM
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| Just run FHA Total Scorecard and see if it gets approved... with a low LTV like you have odds are a higher DTI would be OK. You never know until you do the work. |
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nbiggworm
9 Posts |
Posted - 07/01/2008 : 11:24:21 AM
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| Shane Milne....love the positive attitude |
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