Commercial Mortgage Lender Bailey
Commercial Mortgage LenderForum Replies Created
-
If a person, let’s call him John Doe, is the control person for a mortgage company that has recently filed for bankruptcy and is going out of business. John Doe, the control person will be in charge of maintaining and destroying the records of the company. In Utah, all mortgage loan related records must be maintained for a minimum of four years.
-
Can James get us inventory from the banks his company represents and what states are foreclosure properties available if they are.
-
Forgot to post the link to the article I read
-
FACTED CHECKED. Joe Biden is not the greatest president. Actually, it is the very opposite. Polls reveal Joe Biden is worse than Jimmy Carter so it is rather of a unique accomplishment. It was an important task so therefore, I guess he does deserve a congratualtions.
-
Thank you Brent Norkus. Great topic. Most of Louisiana require flood insurance. Can you shop for flood insurance or you can only get it from one source which is FEMA. I am getting various different answers.
-
Debt-to-income ratio is the minimum debt payments divided by your monthly gross income.
Qualifying for a mortgage with a high debt-to-income ratio can be challenging, but there are several strategies you can consider to improve your chances. Lenders typically prefer borrowers with a debt-to-income ratio below 43%, but some lenders may be more flexible. Here are some potential solutions:
Increase Your Income:
Negotiate a raise or seek additional sources of income, such as a part-time job or freelance work.
Include other sources of income, such as bonuses, alimony, child support, or rental income.
Reduce Your Debt:
Pay off high-interest debts, such as credit cards, to lower your overall debt burden.
Consider consolidating debts to lower interest rates and simplify payments.
Increase Your Down Payment:
A larger down payment can make you a more attractive borrower. Consider saving more before applying for a mortgage.
Co-Signer:
Having a co-signer with a lower debt-to-income ratio may improve your chances. Keep in mind that the co-signer is taking on responsibility for the loan.
Consider Government-backed Loans:
Some government-backed loans, such as FHA loans, may be more lenient with debt-to-income ratios. Check the requirements for these programs.
Shop Around for Lenders:
Different lenders may have different criteria and may be more or less flexible. Shop around and explore various lenders, including credit unions and online lenders.
Reserve Assets:
Demonstrating that you have sufficient reserves (savings) can reassure lenders about your ability to handle mortgage payments.
Improve Credit Score:
A higher credit score can sometimes offset concerns about a high debt-to-income ratio. Check your credit report for errors and work on improving your score.
Consider a Co-Borrower:
If you have a family member or friend willing to be a co-borrower, their income can be considered to improve the overall debt-to-income ratio.
Debt Counseling:
Seek the assistance of a credit counselor to help you develop a plan to manage your debt effectively.
Manual Underwriting:
Some lenders offer manual underwriting, which allows for a more individualized assessment of your financial situation. This can be helpful if your circumstances are unique.
It’s crucial to communicate openly with potential lenders about your financial situation. Some lenders may be more understanding or flexible, especially if you can provide a strong case for your ability to handle mortgage payments responsibly. However, it’s important to be realistic about your financial situation and not take on more debt than you can comfortably manage.
Shop for lower homeowners insurance. Lower homeowners insurance premium can lower your debt-to-income ratio.
-
This reply was modified 1 year, 4 months ago by
Sapna Sharma.
-
This reply was modified 1 year, 4 months ago by
-
The Biden Crime Family needs to get investigated and justice needs to be done. Nobody is above the law. This is not the wild good old west where everything goes and lawlessness exist if you are a member of a crime family. Joe Biden never had a job in his entire life. He has become a multi-millionaire due to his corrupt acts using the U.S. taxpayers. All his cronies need to be brought to justice as accessories to the kingpin to an enemy of the state. Richard Nixon was nothing compared to the Biden Crime Family.
-
-
What are the basic lending requirements on non-QM loans besides the debt-to-income ratio. Here are the questions I have on non-QM loans on owner-occupant, second homes, and investment properties.
1. Loan to value
2. How many credit tradelines is required and do you take non-traditional credit tradelines.
3. Verification of rent required?
4. Recent late payment allowed?
5. What are the minimum and maximum loan amounts
6. Are credit disputes allowed?