Posted on: 13th Jan, 2014 11:48 pm
I have a credit score of 797 but my DTI ratio is 56%. Will I be able to qualify for a VA loan?
Considering your credit score, your debt to income (DTI) ratio seems to be too high. How did you get it? Did you calculate it on your own? If yes, then get in touch with a lender and take his help in calculating your DTI ratio. May be you can rectify the errors and get a better ratio.
Welcome Terrance,
Yes, you should get in touch with a lender and ask him to recalculate your DTI ratio. This will help you know whether or not your ratio is so high.
Yes, you should get in touch with a lender and ask him to recalculate your DTI ratio. This will help you know whether or not your ratio is so high.
Ideally you should be below 50% to have a chance with your scores this may give you an approval - at the 56% level you are unlikely to get an approve eligible through automated underwriting - in that case you will be capped at 43%
With an automated approval you can go higher - I have not tried anything that high recently as all of our banks cap us at 50%
Brian
With an automated approval you can go higher - I have not tried anything that high recently as all of our banks cap us at 50%
Brian
yes get with a lender to have them calculate. You may have residual issues as well. It is possible to get approved at that level but not likely.
