Fred Griffin Florida Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate)

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Rainmaker
141,134
Khash Saghafi NMLS
Liberty Home Mortgage Corporation - Cleveland, OH
Mortgage Loan Officer, Cleveland OH NMLS 1114762

Hi Fred,

  Here is Fannie's guideline -- https://www.fanniemae.com/content/guide/selling/b3/6/02.html

May 21, 2018 11:31 AM
Rainmaker
4,099,156
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

My suggestion to anyone who is obtaining a mortgage should be meeting with a loan officer. If they are paying cash, they need to show proof of funds. Until such times, the prospective client is not serious in his/her/their search. I don't have any material to provide just my years of experience in this business. I find most people I encounter understand this concept.

May 21, 2018 10:32 AM
Rainmaker
468,605
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Fannie Mae and Freddie Mac now go up to 50%. You can get some approvals on FHA at 54.99% back end.

May 21, 2018 10:42 AM
Rainmaker
1,518,916
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Depends on the down-payment. 

May 21, 2018 08:54 PM
Rainmaker
5,571,886
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi   and Khash Saghafi  and dozens more....

May 21, 2018 11:28 AM
Rainmaker
5,586,209
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Fred,

I agree with both Nina Hollander and Michael Jacobs . Let those who do this every day speak.  A

May 21, 2018 10:59 AM
Rainmaker
4,116,764
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't... I'd rather they speak with the expert based on the kind of loan they need than put numbers out there that might be incorrect.

May 21, 2018 10:32 AM
Rainer
326,222
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

I would highly recommend they speak with the professional best suited for that, the loan officer (since that is what they are hiring them for).

But a quick search got me this...

Bankrate 1

Bankrate 2

Truth About Mortgage

Mortgage Calculator

 

May 21, 2018 03:46 PM
Rainmaker
166,398
Jerry Thomas-Construction Loans
Cranbrook Loans - Farmington Hills, MI
Construction Loans in MI, OH, VA, GA and FL.

Remember, you are approved for a payment, not a loan amount;

http://activerain.com/droplet/5cnv

May 21, 2018 02:46 PM
Rainmaker
4,209,376
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

The loan originators here in the Rain are better versed to answer!

May 21, 2018 02:30 PM
Rainmaker
1,722,845
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Yes but I thought it was 41%.

May 21, 2018 02:03 PM
Rainer
317,590
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

FHA can go to 56% with some reserves. Fannie and Freddie will also go to 50 with good FICO and reserves. Qualifying is in the skill of the beholder. there are programs with bank statement deposits as income. VA is case by case no limit. 

Your friend is best talking with a lender.  The friend may not know how we see income let alone his bills. If mortgage credit report pulled in 60 days a new one won't ding his score. Consumer ones do ding the score. He can make a list of his credit cards and have lender review income without pulling the credit report BUT I suggest he get a copy of it now and fix anything that needs polishing

May 21, 2018 01:01 PM
Rainmaker
1,387,173
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Only thing I could quickly find on the google was:

https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791/

May 21, 2018 12:24 PM
Rainmaker
910,796
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I don’t make loans. I don’t stay current on the specifics of loan qualification. I refer all loan questions except for the most general questions to lenders. My preferred lender does not mind spending time with people whom I refer even if it is just for Q & A.

May 21, 2018 11:31 AM
Ambassador
4,257,118
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I seriously send them my lenders email addresses and phone numbers. J.R. Schloemer, CRS has some good suggestions for you too!

May 21, 2018 09:46 PM
Rainmaker
367,567
Mayra Espinosa Realtor San Mateo Pacifica Homes
Mayra Espinosa Broker- Realtor | Call 650-996-8961 - Pacifica, CA
San Mateo County Real Estate | Buy | Sell | Invest
May 21, 2018 09:32 PM
Rainmaker
3,985,865
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I send them to a       lender for the right answers

May 21, 2018 07:16 PM
Rainmaker
2,641,652
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I have one on my phone but the end result is the lenders voice...nothing else

May 21, 2018 05:22 PM
Rainmaker
6,606,233
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You have some answers.

I would refer them to a trusted local mortgage loan officer.

May 21, 2018 01:48 PM
Rainer
180,215
Harjeet Bhatti
FITH THIRD BANK - Chicago, IL
Home Mortgage Consultant 25 States

The max you can go up to 50% with compensating  factors.

May 21, 2018 01:42 PM
Rainmaker
1,525,305
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

No I ask our mortgage broker.

May 21, 2018 01:17 PM
Rainmaker
4,938,372
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Fred, I never talk mortgage, as it changes so frequently.  Would rather my clients have the latest and greatest info.

May 25, 2018 06:51 AM
Ambassador
3,038,940
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

My answer to that question is "call this guy" because loan type makes a difference. 

May 24, 2018 12:32 PM
Ambassador
3,986,710
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

You are very close to what I lenders use. Some VA loans go as high as 50% wth stellar credit.

May 22, 2018 07:37 PM
Ambassador
3,055,932
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I do not.  I always send people directly to my lending partner. 

May 22, 2018 08:50 AM
Rainmaker
3,069,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Not my wheelhouse...

May 22, 2018 06:01 AM
Rainmaker
4,799,491
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Sorry, I don't.

May 22, 2018 05:53 AM
Rainmaker
4,433,693
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You did the right thing.

May 22, 2018 05:36 AM
Rainer
222,865
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Khash Saghafi has the right answers.

May 22, 2018 05:10 AM
Ambassador
5,408,079
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

I just suggest a few lenders for them to talk to.

May 21, 2018 11:08 PM
Ambassador
4,312,759
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Fred Griffin - thanks for the question. Saved the link from Khash Saghafi

May 21, 2018 10:48 PM
Rainer
87,820
Jeff Perlis Prime Properties
Prime Properties - Lake Arrowhead, CA
Experience Your Own Transformation!

Depends on the loan and down payment. 

May 21, 2018 10:03 PM
Rainer
306,837
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

I just got an approve/eligible on DU (Fannie) with a 49.52% DTI. Each loan program is different...

May 21, 2018 10:02 PM