Posted on: 20th Nov, 2009 09:06 pm
Are there any no ratio loans? my credit score and history are fine. My income is good but i am self employed. And I have a lot of write offs so i dont have to pay back a boat load of money. When my loan went through underwriting it came back saying my dti would be to high. But with my income its right at 41 percent. But I guess the lender looks at my profit loss statement. I assume they added the stuff back they were suppose to. Atleast I hope so. If anyone could help me out!>! I am suppose to close on this house next week. Its already been extended!!
No I do not have a lot of debt. My income is at 51k....but after the profit loss statement they say its down to 35k. Which is because of the stuff i write off for tax purposes. so i do not know what to do. my dti goes from 40 percent to like 60 percent because of this.
there is a smattering of no-ratio loans available, but you'll be looking at 30%, 40% or 50% down payment if you find one.
it sounds like the lender did its job correctly to me. your credit is "fine" but fine doesn't qualify people any more. we now use scores in every case, and that's critical. if you are a point below the line, you're out of luck.
i'm not confident that you'll find what you're looking for.
it sounds like the lender did its job correctly to me. your credit is "fine" but fine doesn't qualify people any more. we now use scores in every case, and that's critical. if you are a point below the line, you're out of luck.
i'm not confident that you'll find what you're looking for.
my credit score is 746
What you really need is a STATED INCOME LOAN. That is what most self employed borrowers are looking for and the rates will be a little better than No Ratio.
STATED INCOME RATE QUOTES
STATED INCOME RATE QUOTES
