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Jon Holdman, Flying Phoenix LLC
This raises the question, on a new conventional loan, with great credit, and 20% down, how far would a lender let me go. 60 70% DTI? Or do they look at it from the previous explanations perspective? Surely someone has been in this scenario and can help out based on experience? Or. Know that you have a house under contract for your home so there are already numbers in place for that.
If you use job income only, which is a more conservative way to go, you can build wealth through cash flow, and buy a little less house. Buying more home isn always the best investment. More expensive house brings other higher expenses.
Ok, so I have 4 properties to my name. I think I am figuring my DTI correctly, but am not 100% confident. My wife and I just moved to a new area and are planning to purchase a new house in the area, have one already under contract. My mortgage loan officer said we are well in the clear for a Nike Air Max 2017 Woman new loan, but I am not so sure. Could you help me with the numbers? I have read in a few places that the DTI Ratios are just guidelines, if that is so, what is the absolute max they will let you go?
Debt to Income Ratio Questions
Job Income 6911 bt
Using job income of $6911 gives you $1935 per mo PITI at 28%. We can work backwards and make some assumptions to come up with a purchase price.
So are you saying, that I just Nike Air Max Hot Pink
the lender may want to see your tax returns and will use the actuals rather than the 75% estimate.
John, your explanation resembles how I thought these numbers work for a mortgage officer. I have had one seasoned that has been on my tax returns for three years. The rest are fairly new 1 to barely 2 years old.
If you had these properties for a while, 2017 Air Max Shoes
The explanation from another recent thread was that if your actual or estimated rental income is positive, it adds to your income. If its negative, it adds to your debt payment. So, if you have $10,000 a month in income, not counting the rentals, and $3000 a month in debt payments, again not counting the rentals, you have a DTI of 30%. If you then have positive income of $1000 from the rentals, your DTI is $3000/$11,000 = 27%. If you have negative income (loss) from the rentals of $1000, your DTI is $4000/$10,000 = 40%.
I notice that you want to buy more RE. If that is the case then using cash flow to pay home mortgage debt is draining your business assets. If you could afford to not do that your business would be much better off.
plan on a conv. loan, and I plan to put 20% down. Our credit scores are very high.
Are you saying that, I am incorrect in doing this? Maybe that is where my problem is then. I do Nike Air Max 2016 Release Date
now consider my total income (7980) only when looking at a new mortgage? so that would mean 28% of this number would mean I need to stay under a $2,314 Mortgage payment? If this is the correct way, I must have been way off on my figures then. I guess the way I was doing was using the mortgages twice, But I assumed this was how lenders figured your current DTI.
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