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I read it but like I said I only spent a couple minutes on it. It actually says "Permitted as a compensating factor in DU only to allow a debt-to-income (DTI) ratio >45% up to 50%". There is reserve requirements that you also don't meet, 6-12 months depending on credit, and likely an issue in any other programs available too. It may qualify but really it doesn't make any difference as the program is completely wrong for you and your LO should have seen that already. If it were me I would be pretty pissed that they didn't catch the LTV requirements before you started doing inspections; but I also would have looked up the program myself because for every good LO there is 30 bad ones.
The important part of my other post though is your only hope to salvage the deal is to call some brokers and see if they can manage to come up with something, it wont be with this program though.
Thanks, I appreciate it. I think we put too much faith in our broker here, asking him if a 3-unit was possible for us when he perhaps just wanted his foot in the door with our business.
Just reading your initial posting & you've got good financial "bones" - income, assets, credit scores. Scraping together 25% down is a hardship, but it makes all the difference when the markets go sideways. I'd sit this one out & come back to play in a few years when you've got a bigger stack of cash. You'll get there, no need to rush or get "creative".