Posted on: 15th Oct, 2009 05:17 pm
IS it poosible to get a mortgage with a dti of 58-60% I have a 780 fica score. 20% downpayment, money for closing , and also about an additional 15k in my 401k. I been at my job for to years . i currently do not have any other bills.
Hi gregcooney,
Your fico score is excellent. A 20% down payment is also sufficient to help you get a loan. You also have a 2 year employment history. So, things are looking good for you. As far as the DTI ratio is concerned, it is better to reduce your ratio to somewhere around 50%. A 58-60% DTI ratio is a bit too high. But given the fact that you fulfill the other required eligibility criteria, it is possible that a lender would be ready to offer you the loan even with a high DTI ratio.
Your fico score is excellent. A 20% down payment is also sufficient to help you get a loan. You also have a 2 year employment history. So, things are looking good for you. As far as the DTI ratio is concerned, it is better to reduce your ratio to somewhere around 50%. A 58-60% DTI ratio is a bit too high. But given the fact that you fulfill the other required eligibility criteria, it is possible that a lender would be ready to offer you the loan even with a high DTI ratio.
As stated in a previous post. A 60% DTI is rather high, but there is an FHA program for individuals like yourself in NY & NJ area. Fixed rates in the 5% range and hassle free process. I hope this helps...
Iam really surprised thet there are still available for people with 60% DTI and also with 20% Down payment
My doubt is that they may ask you to pay some of yoru short term debt before they approve
My doubt is that they may ask you to pay some of yoru short term debt before they approve