Please email your buyer scenarios to Jeff Lazerson by clicking HERE or call him at (949) 322-8640 and let’s see if we can solve your loan approval challenges!
Week of 2/5/17:
Borrower Borrower is paying $799,000 for a house with just over 10 percent down.
Ratios are too high to qualify.
We stretch the ratios by switching the borrower from a 30-year fixed to a 40-year, 7/1 ARM interest only loan.
This knocks the debt to income ratio down from 50 to 43.
Borrower qualifies! Loan gets funded!!
Jeff Lazerson - Mortgage Columnist since 2011