208,185
Hi Fred,
Here is Fannie's guideline -- https://www.fanniemae.com/content/guide/selling/b3/6/02.html
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Debe Maxwell, CRS
Charlotte, NC
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
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JoAnn Moore
Georgetown, DE
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Michael Jacobs
Pasadena, CA
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Barbara Todaro
Franklin, MA
4,572,283
My suggestion to anyone who is obtaining a mortgage should be meeting with a loan officer. If they are paying cash, they need to show proof of funds. Until such times, the prospective client is not serious in his/her/their search. I don't have any material to provide just my years of experience in this business. I find most people I encounter understand this concept.
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Debe Maxwell, CRS
Charlotte, NC
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Mayra Espinosa Realtor...
Pacifica, CA
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John Juarez
Fremont, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Nina Hollander, Broker
Charlotte, NC
472,114
Fannie Mae and Freddie Mac now go up to 50%. You can get some approvals on FHA at 54.99% back end.
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Debe Maxwell, CRS
Charlotte, NC
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Mayra Espinosa Realtor...
Pacifica, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
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Fred Griffin Florida R...
Tallahassee, FL
1,622,432
Depends on the down-payment.
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Jeff Perlis Prime Prop...
Lake Arrowhead, CA
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Debe Maxwell, CRS
Charlotte, NC
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
5,583,278
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi and Khash Saghafi and dozens more....
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Mayra Espinosa Realtor...
Pacifica, CA
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Lyn Sims
Schaumburg, IL
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
5,772,575
Fred,
I agree with both Nina Hollander and Michael Jacobs . Let those who do this every day speak. A
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
5,104,931
I don't... I'd rather they speak with the expert based on the kind of loan they need than put numbers out there that might be incorrect.
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Mayra Espinosa Realtor...
Pacifica, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
427,257
I would highly recommend they speak with the professional best suited for that, the loan officer (since that is what they are hiring them for).
But a quick search got me this...
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Debe Maxwell, CRS
Charlotte, NC
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
247,699
Remember, you are approved for a payment, not a loan amount;
http://activerain.com/droplet/5cnv
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Debe Maxwell, CRS
Charlotte, NC
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
5,216,409
The loan originators here in the Rain are better versed to answer!
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Debe Maxwell, CRS
Charlotte, NC
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
1,844,301
Yes but I thought it was 41%.
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Debe Maxwell, CRS
Charlotte, NC
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
417,221
FHA can go to 56% with some reserves. Fannie and Freddie will also go to 50 with good FICO and reserves. Qualifying is in the skill of the beholder. there are programs with bank statement deposits as income. VA is case by case no limit.
Your friend is best talking with a lender. The friend may not know how we see income let alone his bills. If mortgage credit report pulled in 60 days a new one won't ding his score. Consumer ones do ding the score. He can make a list of his credit cards and have lender review income without pulling the credit report BUT I suggest he get a copy of it now and fix anything that needs polishing
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Debe Maxwell, CRS
Charlotte, NC
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
1,502,998
Only thing I could quickly find on the google was:
https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791/
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
1,311,397
I don’t make loans. I don’t stay current on the specifics of loan qualification. I refer all loan questions except for the most general questions to lenders. My preferred lender does not mind spending time with people whom I refer even if it is just for Q & A.
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
5,230,113
I seriously send them my lenders email addresses and phone numbers. J.R. Schloemer, CRS has some good suggestions for you too!
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J.R. Schloemer
Louisville, KY
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Fred Griffin Florida R...
Tallahassee, FL
390,348
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Fred Griffin Florida R...
Tallahassee, FL
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Debe Maxwell, CRS
Charlotte, NC
3,986,258
I send them to a lender for the right answers
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
2,781,173
I have one on my phone but the end result is the lenders voice...nothing else
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
7,836,169
You have some answers.
I would refer them to a trusted local mortgage loan officer.
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
182,915
The max you can go up to 50% with compensating factors.
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
1,525,616
No I ask our mortgage broker.
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
5,868,554
Fred, I never talk mortgage, as it changes so frequently. Would rather my clients have the latest and greatest info.
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Fred Griffin Florida R...
Tallahassee, FL
3,164,294
My answer to that question is "call this guy" because loan type makes a difference.
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Fred Griffin Florida R...
Tallahassee, FL
3,988,007
You are very close to what I lenders use. Some VA loans go as high as 50% wth stellar credit.
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Fred Griffin Florida R...
Tallahassee, FL
3,345,091
I do not. I always send people directly to my lending partner.
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Fred Griffin Florida R...
Tallahassee, FL
3,071,489
4,800,082
4,434,127
225,526
Khash Saghafi has the right answers.
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Fred Griffin Florida R...
Tallahassee, FL
6,393,609
I just suggest a few lenders for them to talk to.
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Fred Griffin Florida R...
Tallahassee, FL
4,319,419
Fred Griffin - thanks for the question. Saved the link from Khash Saghafi.
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Fred Griffin Florida R...
Tallahassee, FL
87,920
Depends on the loan and down payment.
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Fred Griffin Florida R...
Tallahassee, FL
375,087
I just got an approve/eligible on DU (Fannie) with a 49.52% DTI. Each loan program is different...
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Fred Griffin Florida R...
Tallahassee, FL