Thursday, January 9, 2014

Debt-to-Income Ratios are NOT Changing

You may have heard that mortgages will be harder to get starting on January 10.  That's not true if we are your lender!

It is true that mortgages will now have a maximum allowable debt-to-income ratio (DTI) of 43%, UNLESS the lender uses the automated underwriting software that Fannie Mae, Freddie Mac, FHA, and VA have.  If the lender uses the software, then the 43% DTI limit DOES NOT APPLY!

If the software is used, then the current DTI ratios still apply, even after the rules change.  For conventional (non-government) loans, the maximum DTI is still 45%.  For FHA and VA loans, the maximum DTI limit is still 50%.

We use the software, so nothing changes.  How sweet is that?

Does your lender sell directly to Fannie Mae like we do, or do they have lender overlays that prevent loans from being approved? 

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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