Posted by Mark Williams on August 23, 2003 at 21:56:48:
Yes, Gloriana…I have a lender who will go as low as 30k (no lower),
Your DTI IS an issue, but a NO RATIO loan will get around that, and your 700 score makes that option available to you…
You didn’t mention your income/employment situation…that could be another problem…
And perhaps the killer: foreclosed properties tend to be in such serious disrepair that a conventional lender will not be interested in mortgaging such a property.
Contact me and/or send me your phone number if you’d like to discss further.
Posted by gloriana on August 23, 2003 at 19:54:15:
I have recently found a property I want at 30,000. Most banks don’t give mortgages that low, unless i’ve been looking in the wrong places. Also, just out of college my debt to income ratio is 57%( terribly unacceptable) yet my creadit is great at a beacon score of well over 700. With these numbers will anyone be able to approve me for a loan?It’s a foreclosed property I want to live in while I renovate- so I would be the primary resident as well as a first time homebuyer.Any suggestions?