Wednesday, May 26, 2010

Does anyone know any banks that will do a loan for a home with the DTI being 60%. in VA?

Hard Money lenders don't care what your DTI is. They are collateral lenders and are only concerned about the value and equity of the subject property(s).



Depending on the rest of the story (High credit scores, large down, lots of cash reserves, etc. ) it is possible to get an approval with desktop underwriting (LP).



...or with the right scores and verified assets you could get a 'no ratio' loan %26amp; then there is always a 'no doc loan'.



It is all in the details!



Does anyone know any banks that will do a loan for a home with the DTI being 60%. in VA?

No, because that is predatory lending, and only a lender who likes to foreclose on homes would underwrite that.



Does anyone know any banks that will do a loan for a home with the DTI being 60%. in VA?

It would have to be a MY community program and passed thru DU.



Does anyone know any banks that will do a loan for a home with the DTI being 60%. in VA?

You did not mention credit scores or Loan to Value ratios. If you qualify for a No Income Verified Assets loan, you do not put any income, therefor, no DTI ratio. Most major banks have that. Interest rates are higher, but so is the risk, so it makes sense.



There is also a no doc loan, where nothing is put for assets, job, income, nothing.... interest is even higher, but again, if you do not put anything, you are not committing loan fraud (as opposed to stated income where people think that means you can put whatever you feel like).



Most of the big banks do these loans, but you need good credit.

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