Need A High Dti Lender After My Current Home Sale Fell Through

Pattonator

LoanSafe Member
#1
I am buying a new construction home in FL with 20% down (loan amount of $348k), credit score is 718. Many lenders won't count my bonus of 35% (paid quarterly) because I have only been at my current job for 10 months and did not receive a similar bonus in previous roles.

If my bonus is counted with 2 mortgages, 2 car payments and one installment loan my DTI is about 54.

One lender who said that he couldn't help me suggested that I ask my current lender about a temporary mortgage deferment so that these payments don't count and they get paid from he proceeds of my home sale. Of course my mortgage company said that deferments are for people trying to avoid foreclosure.

Anyway I'm looking for a creative mortgage solution if anyone has ideas.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
Hello,

Most lenders want to see a steady history of income for at least 12-24 months to count it as "regular." Some lenders have exceptions or alternative financing which may allow you to qualify.

I suggest you contact the LoanSafe new mortgage expert, Erik Sandstrom with Ban Home Loans at 619-379-8999 or email - Erik.Sandstrom@PrimeLending.com
 
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Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#3
There are ways to get around this as well as programs that exist with a higher debt to income ratio however they do typically come with a higher interest rate that might push you over the limit. I have programs that will go up to 60% DTI.

Here's another thought, upon listing your home for sale - conventional guidelines will allow you to exclude the mortgage payment on the home you're selling if the borrower has released contingencies (meaning earnest money deposit is now at risk for the person purchasing). This is a new guideline that not many people are aware of.

A bridge loan would be another direction which allows you to purchase the new property and give you time to sell the new one. I don't currently offer bridge loans or aware of who would at this time.