My bank and credit union MLO friends have been running into a lot of debt-ratio issues this week.
One of the referrals I received this week was because the client has only been self-employed for 16 months, so there was no way to make him fit into an agency loan. Can we help in that situation? Yes, with a bigger down payment and decent credit, we could make it work.
One of the referrals was because the client was losing social security monthly survivor income from his twins who were turning 18 in just a few months. Can we help in that situation? Yes, we are able to approve a refinance with an expanded DTI using an FHA loan and give him a bunch of additional cash to keep on-hand, just in case things get tight and he decides to sell.
A third referral was because the clients had 10+ investment properties and they were constantly buying/selling/flipping properties where the math just wasn’t math’ing for an agency loan. Can we help? Yes, we are doing that deal as a “no ratio” refinance loan so they can pay off a bunch of the private-money mortgages and land contracts they’re paying on various investments.
Why this might matter
DTI is a common hurdle, and many traditional lending outlets are conservative in this area. Sometimes, the “provable” income isn’t always the whole picture, so we can often help with deals that need a second look.
Work with me
Do you have a deal that you think might be approvable but doesn’t fit in the box at your bank or credit union? Reply to this email or call/text me at 616.298.2743 for a same-day answer.
One case study per week showing scenarios we’ve been able to help with