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Updated about 7 years ago on . Most recent reply
Best Option for Borrower with Poor DTI
I have a borrower who is currently flipping 8-12 houses. I give a range because he's currently working on holding a few, as opposed to flipping.
He's actually trying to flip a house to himself that he used another lender for, and decided about a month in that he wanted the home for himself. Meanwhile, he's DTI is bad, but his credit is mid-high 700s. Shows a lot of cash. Willing to pay 4.99-6% 20-30yr on a mortgage.
Based in New Jersey. Was looking for stated income loan, but hard to come by.
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
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@David Weintraub asking to receive a 4.99%-6% loan will be hard on a regular conventional loan right now. If he is seeking a "stated income" loan or a "bank statement" type of loan then try a mortgage broker...as opposed to a loan officer. A mortgage broker has relationships with lots of banks and might know where to go. The rate will be higher though.