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90degree · 06-05-2003, 12:47 AM

joe needs to open at least 2 more accounts. ((depending on what his prior credit history is)) Keep them for at least a year... (for the best consideration) .. have no lates.. .. obviously.. (if he has lates.. that may be fine as well.. but it may cause him to not qualify for quite as much financing.. or.. a bit higher rate of interest) ..

Joe needs to have DTI (debt to income ratio) .. not to exceed 45-47% of his income (for the best rates) .. it can be as high as 55% for subprime rates. This is a calculation of both the proposed payment of the new Mortgage.. combined with any back end monthly debt payments.. (credit card, car, furniture loans.. etc)

if i had my financial calc with me tonight i would work u up an actual amount joe could qualify for with the info you have given me.. of course there would me some questions I would need to ask actually....such as how long renting at current residence, would the income be derived from W2'd job or self employment... etc..

Joe could get himself a 100% financing and walk away with a pad for about 1500 or so out of pocket most likely.. \

and as answer to cheerios : I am actually not a 'Broker'.. i work for a broker.. would be a more truthfull statement.. I am a Mortgage Loan Officer... I help people finance the purchase of Real Estate.

:]

06-05-2003, 12:47 AM	#6 (permalink)
90degree Insane	joe needs to open at least 2 more accounts. ((depending on what his prior credit history is)) Keep them for at least a year... (for the best consideration) .. have no lates.. .. obviously.. (if he has lates.. that may be fine as well.. but it may cause him to not qualify for quite as much financing.. or.. a bit higher rate of interest) .. Joe needs to have DTI (debt to income ratio) .. not to exceed 45-47% of his income (for the best rates) .. it can be as high as 55% for subprime rates. This is a calculation of both the proposed payment of the new Mortgage.. combined with any back end monthly debt payments.. (credit card, car, furniture loans.. etc) if i had my financial calc with me tonight i would work u up an actual amount joe could qualify for with the info you have given me.. of course there would me some questions I would need to ask actually....such as how long renting at current residence, would the income be derived from W2'd job or self employment... etc.. Joe could get himself a 100% financing and walk away with a pad for about 1500 or so out of pocket most likely.. \ and as answer to cheerios : I am actually not a 'Broker'.. i work for a broker.. would be a more truthfull statement.. I am a Mortgage Loan Officer... I help people finance the purchase of Real Estate. :] Last edited by 90degree; 06-05-2003 at 12:49 AM..