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Rates for conventional mortgages for high DTI borrowers

Hello my debt to income is right around 41%. Will I be able to qualify for a conventional loan (trying to skip around the insurance requirement of FHA) with a credit score in the 720 range and 20% down? My income is good, despite my debt load. Thank you.
By dgaya87623288 from CT Jun 10th 2014
Reply

For owner occupied, you can get approved up to 50% of your gross earnings. This sounds doable.

Jun 10th 2014

conventional lending guidelines go as high as 45%, with 43% or under being ideal.. you should have no problem going Conventional financing assuming you meet all other eligibility requirements.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 10th 2014

Absolutely , I would be happy to assist. 203-904-4242.

Jun 10th 2014

Based on the information you listed above, it sounds like you should be able to qualify.

Jun 10th 2014

I agree this sounds very much like a conventional home loan purchase. I would have to say you are probably fine, but I have been doing this for a long time and I must ask you if their are any other extenuating circumstances or issues?Amber Bushnell 724-791-3100

Jun 10th 2014

Are you including the proposed housing debt including taxes and insurance in your calculations? I would be happy to pre qualify you-call me at 203-788-2619 or e-mail me pbass@nvsl.com - We are a community bank here in CT.Look forward to hearing from you

Jun 10th 2014

If you are at 41% including your proposed house payment, you'll be fine. Next step is to sit down with a local lender and get some numbers. I think you'll really like them.

Jun 10th 2014

Absolutely you qualify. Guidelines allow up to 50% DTI.I am in Westport. My office is 203.221.2661. Happy to sit down & go through all the intangibles involved...

Jun 11th 2014

As you can see by reading the responses below you are in good shape. The reason you should call me is very simple. WE PRODUCE!!!!

Jun 11th 2014

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