Income To Debt Ratio
I was denied a loan since my income to debt ratio
was to high. I have FICO scores of 698 and above.
What loan company or hard money investor would
loan finances in this situation?
Thanks for your advice.
Kathy
Loon,
When you purchased your first home, were you not concerned about how you would pay for unexpected
expenses? I want so badly to purchase a home, but not having funds for expenses scares me. Your first property, was it for a rental or did you buy and resale?
Kathy
Do you know what your debt to income ratio is? I am not licensed in your state but I would be more than happy to give you a few pointers! Figure out all of your minimum payments and divide that number by your gross monthly income. Hard money is not your solution here, but understanding the loan process!
unless you are border line (they look for 45%to 55% dti) stated is the way to go. You might be paying a quarter percent higher but, a lot less hassle