Posted by Paul Macdonald on March 20, 2001 at 07:59:35:
Have Ed find you an expanded guideline FHA:
If you actually have 1 year seasoning,< 80% LTV, and MODERATELY high DTI’s you should be ok.
If there are problems with the file, go automated and buck for a 15 year fixed. Becuase of the lower risk factor you’ll have a better chance of approval.
If it goes expanded you’ll have rates in the 7.5% to 9% range.
If the FHA doesn’t work, there are a ton of sub-prime lenders out there that would salivate over an 80% LTV with DTI’s under 50%. 30 yr. fixed will be in the 9 to 10% range for those folks with a couple of points.