Debt to Income Ratio - Posted by Jackie

Posted by Ali on November 03, 2000 at 23:18:32:

Debt to income ratio is only valid for full doc loan,you can get no income verification with 25% down.(no problem) when ever you want to buy its simple and sweet and if you have alternate credit for atleast 1 1/2 you can get loan at 20% down As low as 600 fico.

Debt to Income Ratio - Posted by Jackie

Posted by Jackie on November 03, 2000 at 22:51:48:

I’m a student of the Carlton Sheets ‘no money down’ program.

I have a question regarding our credit.

Whilst we have not been living in the States for too long (10 months) we obtained a car loan and have a
secured credit card in order to establish our credit.

Our debt to income is’nt too favourable at present but we are in the process of getting it on track.

My question is how long do you suggest we should wait until we approach lending companies (by which time our debt to income would be far greater than what it is now)?

Our goal would then be to pursue into buying and renting real estate.

Any advice anyone can give us would be greatly appreciated. We’ve contacted a few lenders but were still awaiting their reply!


Re: Debt to Income Ratio - Posted by dewCO

Posted by dewCO on November 04, 2000 at 20:14:35:

Yes, why would you need a bank if you are studying creative RE? If you really want to qualify for loans, go the a good mortgage broker and find out what it will take for you to qualify. Can’t tell with no numbers, and really it’s simple to get them to tell you. They will have to make the loan to you, not us here.

Why?.. - Posted by Forrest

Posted by Forrest on November 04, 2000 at 17:54:00:

Do you even want to deal with banks! I forbid myself from dealing with them, and never ever will. I deal with sellers and owner financing. The only time I use banks is to take my buyers to for a loan. My credit or FICO scores don’t mean crap and never will!

You need to learn to eliminate banks from your life forever!


Re: Debt to Income Ratio - Posted by Rick

Posted by Rick on November 04, 2000 at 16:25:58:

Might I point you to CREOnlines How To Article concerning FICO scores: