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Updated over 5 years ago,
Won an auction, DTI is High to secure Loan
I have won an auction on a house that I just love to own for myself and I know that after the touch ups it needs, the value added will be at least 100k more than the purchase price. The fixing it needs is about 25-30k (On the high end). The issue I have now is that it’s coming up to 54% debt to Income Ratio.
I have a little over 30k for closing/down payment!
Solutions?