do any lenders allow flexibility?
My husband and I would like to buy a house and rent out our townhome. We can put down 5% and both have over 750 credit scores. Our income is pretty high but we're worried we won't qualify because of our first loan. I understand some lenders used to count 75% rental income towards your income but not anymore. Do any lenders allow a flexible debt/income ratio? by bigbigtexan from Azle, Texas. Oct 23rd 2009
Sales Manager Matthew Boyce (bestlender)
#8 ranked lender in New Jersey - 19 contributions
Are lenders fexible with the DTI? The short answer is yes. If you have money in stocks/bonds, 401K's, etc. along with your high credit scores we can get away with a higher DTI both on conventional and FHA loans. Unfortunately those guidelines are changing soon so hopefully you are going to buy the house sooner than later. The best way to do this is simply to submit to an underwriter and have them review the scenario for a real answer. Email me some more details and I'll get you your options Monday morning. Contact info: mboyce@emmloans.com or 888-327-7121. Hope I can help! Thanks, Matt
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