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Old 07-27-2014, 12:30 PM
 
3 posts, read 2,493 times
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I am a Air Force veteran with a 30% disability. My credit score is around 600-620 and I have a high debt-to-income ratio. In July 2015 my truck and a small loan will be paid off freeing up $450 a month. I have been renting for the past 3 years at $900 per month, with an excellent payment history. The house we are currently renting will be up for sale in January at the time of our contract running out. The owner wants way more than I can afford. I have ben looking around and have found a home for $90,000. I did the pre approval and was turned down for a FHA loan due to the debt and credit score. What other options do I have? Maybe rent to own? Don't know what to do and have 5 months to find another home.
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Old 07-27-2014, 01:19 PM
 
3,805 posts, read 9,302,051 times
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Why didn't you apply for a VA loan?

What is your total gross income?

Who is "we?" Married?

What is the total of the minimum monthly payments on your (and any co-borrower's) credit report? (as of the payoff of the truck and small loan, do not include these)
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Old 07-29-2014, 10:28 PM
 
Location: Work for a Direct Lender/Mortgage Banker so we have more flexible terms.
2 posts, read 1,979 times
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Try for a VA loan. Their back end debt-to-income is 41%. Also since you are disabled there is no funding fee.
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Old 07-30-2014, 03:29 PM
 
3,805 posts, read 9,302,051 times
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Quote:
Originally Posted by Jchen View Post
Try for a VA loan. Their back end debt-to-income is 41%. Also since you are disabled there is no funding fee.
Back-end for VA MANUAL UNDERWRITE is 43%. There is technically no debt ratio or fico requirement for VA loans, as long as you get an APPROVE/ELIGIBLE on Automated Underwriting findings.

I'm doing one now with a 70% debt ratio. Doing another with a 515 fico. You just have to be strong in the other areas, including Disposable Income.
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