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Updated over 8 years ago on . Most recent reply
How to get around debt-to-income?!
Hello! I have the 20% and 640 credit score for a conventional loan however I don't have the necessary income to get approved. With my current debt and a $500 mortgage I'd need to earn $28k annually and I make less than $24k. How can I get approved for lending with my income?
Most Popular Reply
Shaun Weekes
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- 757
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@Demarcus Washington
FHA loans will allow for higher DTI and with you fico score your rate even with MI will probably be less.
Once you score increases after 6 months to a year of having a mortgage you can think about refinancing into a long term conventional product.
I hope this helps Sir