LoveToKnow Mortgage:AllComments

From LoveToKnow Mortgage

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Rudy, contact a mortgage broker who specializes in finding private mortgage investors.

-- Contributed by: Tamsen Butler

Looking for Investor who will go over the standard ratios . Borrowers profile 791 fICO 60K in reserves 23years in the same industrie

-- Contributed by: Rudy Batista

Tammie - Lenders use many different criteria to determine loan eligibility. If the terms for an FHA loan aren't working out for you, it may be better for you to look at a conventional mortgage. Find a reputable mortgage broker in your area to discuss the different types of programs you might qualify for. Most brokers represent multiple types of loan programs, and so may be abe to point you in a direction that might be better for you than FHA.

-- Contributed by: Mary Gormandy White

I am in the process of refinancing my house and I think I am being treated unfairly by FHA. Why do I feel this way??? Well right now as of year to date I have already made $26,000 and I have over $12,000 in my bank account, yes not a lot but It still shows money. I have a score of 6.15 AND Debt at 150.00 a month, BUT BECAUSE THEY GO On your income from 2 years ago they won't approve me. This totally unfair I am wondering is there away or is there a program out there for me...I am desperate my house is going to adjust

-- Contributed by: Tammie

Marcus, both 50% and 40% debt-to-income ratio are relatively high. Does this ratio include your proposed mortgage payment? I'm also wondering if you have taken the time to speak to an actual lender as opposed to a mortgage broker. If you speak with a mortgage consultant with an FHA-approved lender you'll find out if you're actually eligible for a loan through this program.

Be careful about the interest rate your broker wants you to take on. Your high debt-to-income ratio might prompt some lenders to insist on a high interest rate for your mortgage loan.

-- Contributed by: Tamsen Butler

I just wanted to know that if i get my debt to income ratio knock down from 50 to 45 by refinancing my car will this get me in a $80000 house. The morgage broker im working with keeps giving me the run around and prolonging the contract that i have on this house. First his numbers was suppposely enter wrong and know I have to refinance my car. It just seems like im waiting on the big nothing to happen!

-- Contributed by: marcus

LLA, I appreciate your comments, and I understand the frustration. There are programs available through FHA and other organizations that are designed to assist buyers who may not otherwise be able to qualify for a mortgage through traditional means. FHA has made homeownership possible for many people who needed help, but there is still plenty more that can be done.

-- Contributed by: Tamsen Butler

It's a dirty shame that the American govt, big business, banks, and American media won't admit out loud that most working class Americans cannot afford a mortgage on a decent home based on a 29% debt-to-income ratio, nor can they afford to save any percentage of a down-payment because they are living hand-to-mouth. The FHA should be paying these working class families' down payments for them, and insuring the BUYER, not only the LENDER, with govt paid (not buyer paid) mortgage insurance in the event that the buyer cannot pay his/her mortgage due to loss of job, lowered wages, company cut-backs, sickness, etc., where the FHA would step in and pay partial or full monthly mortgage payments for the said buyer. These working class families' hard-work-with-little-pay JOBS are what keeps this country moving. Meanwhile, and quite paradoxically, many if not MOST of these folks can't even qualify for govt paid health insurance should they get injured or sick. There's my two cents, if indeed it is even worth that much nowadays.

-- Contributed by: LLA
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