Any home loan gurus out there?

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

    Ripped Farmer

    Ripped Farmer Well-Known 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.
    PetFlora and Colo MMJ like 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. ;)
    GoatSoup, vostok, Colo MMJ and 2 others like this.
    Ripped Farmer

    Ripped Farmer Well-Known 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.
    PetFlora and Colo MMJ like 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.

    MonkeyGrinder Well-Known Member

    Don't be afraid to shop around on them on them or at least make it look like you're going to go elsewhere.
    You also might want to be present when any inspectors or "appraisers" are doing their thing. Make sure they're going over everything with a fine toothed comb.
    If they claim there's a "new roof" or whatever have that inspected. A pal of mine here recently went through this and the appraisers literally walked in. Took "measurements" By measurements they just stretched a tape from end to end. Didn't even touch the walls and corners and then skated out of there in 5 minutes. Didn't even loot at the basement or attic.
    Anyways place had a "new roof". As soon as the insurance people showed up to take a look they figured out that they just had some new shingles nailed on top of the old ones. Dropped his coverage. Then had to go jump through a crap load of hoops to get that covered or end up getting screwed. He's also paying out the ass for it until he gets a load of repairs done.
    Regardless though tread carefully. Everyone involved is there to make a buck. So you're going to be told what you want to hear.
    On a side note there's a load of educational courses on the net that'll pretty much take you from A-Z with info.
    Another thing to also consider is that lots of states have grant $ set aside to toss at a down payment. That same friend got a 10k grant to toss at the principal balance right off the bat. Doesn't have to pay it off unless he sells the place or pays off what's left. The 10k from the grant is 100% interest free. It's like 100 bucks a month to pay off the grant. But at the end of the day that's 10'000 bucks and over time a lot of interest.
    So I suggest digging a bit and see if there's anything like that in your area.

    D_H Member

    43% is the official number. This is not a firm number. Things like LTV (down payment size), credit rating and property location will influence this. With all the above being very strong I have seen it go higher.

    hardknock Member

    I would advice that you do a thorough search to know more of this subject in great detail, before seeking an expert advice. because if they notice you know nothing about this, they will use jargons to get your head spinning like an indoor grow fan

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