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Any home loan gurus out there?

Discussion in 'The Black Briefcase' started by Ripped Farmer, Jan 29, 2018.

    Ripped Farmer

    Ripped Farmer Member

    Well 3 stops and Im sick of asking people questions who have something to gain from this, so maybe get some outsider perspective here!

    What is the ACTUAL maxium debt to income allowed for say an FHA loan? I got one place saying 31%, next saying 36%, and the other place saying that they can get it in the mid 40'S! ANy insight on what is actually the max allowed?

    jonsnow399 Well-Known Member

    Ya know, just a crazy ass idea, Call the FHA, or go to there website.
    Colo MMJ likes this.
    greg nr

    greg nr Well-Known Member

    ok, here is how you can get your loan covered.

    Put up a rare, hand painted, "I love Bieber" tee shirt on ebay for $100k. Let some russian oligarch buy it. Now, turn around and use that 100k to buy a $250 k appt, then flip the apt to the same russian oligarch for $1M.

    Cool, so now you have $1M minus the $250k. You will owe $150k in tax, and keep $150k as profit, and then buy back that tee shirt from the oligarch for $450k.

    Now you have $150k you didn't have before and probably a case of caviar and vodka to party with. Everyone is happy.

    And that my friend, is the art of the deal when no banks will lend you money. ;)
    Colo MMJ, Terps and brewbeer like this.
    Ripped Farmer

    Ripped Farmer Member

    Or better yet, can i rent space in your parents basement with you or will your pregnant girlfriend get mad?

    TheLadyPale Member

    I'm currently in the process of buying a house. The maximum for most places is 28-38% for the debt to income ratio. Each place is going to have its own underwriting so requirements may vary from place to place.
    Colo MMJ likes this.
    Lucky Luke

    Lucky Luke Well-Known Member

    Its all about risk.

    My current loan is a No Doc loan. I didn't have to supply any income info but did have to put in a large deposit. Which was lucky as I was unemployed.

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