Debt ratio - Posted by Mia

Posted by Ed Garcia on January 13, 2001 at 22:59:19:


If your ratios are out, it might be something you should take into consideration. You know Mia, many times when a lender tries to protect their selves by making sure that we can afford the house, indirectly, they are protecting us. It should send up a red flag for you Mia, and you should be asking yourself the same question.

If I were you I would work this deal backwards. I would decide how much of a payment I could afford and then purchase a house that would be with in that payment amount. If, you’re making more money, and not showing it? Then you can get a loan on stated income, None Income Qualifier, None Income Verification, etc.

Ed Garcia

Debt ratio - Posted by Mia

Posted by Mia on January 13, 2001 at 06:44:24:

I am a single woman wth a $30000 annual income. I have looked into buying a home a couple of times in the past year
but my debt ratio is too high. Although a couple of lenders were willing to lend me $, adding the mortgage amount to my current monthly bills created a dollar amount that exceeds my monthly income. I have always dreamed of owning my own home and am desperate to get out of the rental trap. Are there any options out there that would require “0” down and at the same time add a debt consolidation onto your mortgage amount?