High Debt Ratio To Purchase Condo
I am new to real estate investing and I have found some property that I would like to purchase. I have found another friend to help invest in the property. When we went to the credit union to get the loan they stated that we could not recieve the loan because of a high debt ratio. Is there another firm that anyone would recommend that I could get the loan or another process I should take to get the property. Thanks
Thanks for your post. Could you give me a little more information on stated income. Or a couple of links to review. I am new and just trying to learn REI. Thanks again
Hey there....
Just start calling a few morgage brokers and have them tell you what is available. (Bit of advice - get a copy of your credit report from the credit union and use that as you talk to the mortgage brokers.) They will be able to help with the DTI issue, and likely yes, you will go stated. However, it is possible that you can stay full doc but remove one of the borrowers off of the loan, and thus their debt load.
Good luck to you!
Stated income is where basically income is not verified, just stated as what is reasonable for your job. Instances where stated income may be used is where there is another borrower with really bad credit or some other instance that would make it hard for them to get a loan, but their income will contribute to the loan, or self employed people that write off all their income. [ Edited by classimg on Date 02/21/2005 ]
Ah! Great! Thanks very much for that!!!
John
http://creditboards.com/forums/index.php?showtopic=79601
depends if it is a lawyer collecting the debt for a back RE. a mortgage then they might have to go back and check with the bank if it is another debt then they may already own the debt or are a collection company for the company. Either way make them verfiey the debt to you first.
How do you make them Verify the debt?
Go here and learn all about credit repair http://www.creditboards.com/forums/
I would pay it off with a intern. promisory note. It is easy
once you learn how to do it and adm. done. I have paid
off several accts. and they took the note and cashed it.
I didnt have to pay cash or put into the account anything.
I would pay it off with a intern. promisory note. It is easy
once you learn how to do it and adm. done. I have paid
off several accts. and they took the note and cashed it.
I didnt have to pay cash or put into the account anything.
I would pay it off with a intern. promisory note. It is easy
once you learn how to do it and adm. done. I have paid
off several accts. and they took the note and cashed it.
I didnt have to pay cash or put into the account anything.