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First-Time Buyer, Rural and Veterans Programs
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Upto 90% financing for
Purchases of up to $830,000.
USDA Loans for moderate income Families
0% down payment - 100% financing
Foreign National Program without:
Residency, Social Security or Income in the US
Are you finding it hard to complete the purchase on your home due to high debt? Has your bank recently depressed you and your family from buying that perfect house because of overlays over too much debt or past financial issues? If the answers to these questions are YES maybe you need to seek a home loan for high debt ratios.
Debt-to-income ratio shows how much of a percentage of your income you are paying towards your debt each month. High debt-to-income ratio means that a larger part of your income goes towards paying off your debt each month while a lower ratio means a smaller portion of your income is spent on paying off debt.
Those planning on purchasing a home will find getting approved for home loans for high debt ratios is almost out of reach. Next, we will share 3 tips that will help you qualify for home loans for high debt ratio. It’s important, however, to remember that each and every lender has their own different lending requirements also called overlays, therefore each will analyze an applicant’s debt-to-income ratio differently.
To increase your chances of qualifying for a home loan, let’s take a look at how you can overcome your debt-to-income ratio and qualify to purchase that dream home!
1. Create A Plan - Unless you have a dire need to purchase a home and you cannot wait, we suggest that you contact us first seeking advice on which accounts to invest extra payments to reduce your debt ratio. Believable or not it makes a difference the order paying off student loans, credit cards, car payments, furniture or any other type of loans whether installment or revolving accounts. In an ideal scenario, having a debt ratio under 36% can increase your chances of qualifying for a home loan even though we have approved loans woth ratios over 50%.
2. Increasing Down Payment - Although paying a large down payment might not be a viable option for some applicants, it is something that if possible we suggest. Borrowers with IRAs or other retirement accounts need to consider the savings in interest and PMI expense vs increase in value of such assets. Not only may be a good investment but show the lender the seriousness of your decision of purchasing a home as well as indicating your commitment towards the investment, thus increasing your chances of qualifying for home loans for high debt ratio.
3. Government Assistance - If you find that home loans for high debt ratios is not an option that is available to you with private lenders, then turning to government home loan programs is the best possible option for you. These home loan programs were designed and developed by the government to promote homeownership by providing financial assistance to those unable to purchase a home through any other means due to lack of financial availability or a good credit history.
Created by the Federal Housing Administration, the FHA home loan is issued by approved FHA lenders and provides the following benefits:
* FHA loans allow the borrower to get approval for the home loan despite high debt ratio.
* You can purchase a home with down payment as low as 3.5%.
* There is lower mortgage insurance with a FHA loan.
* The FHA provides better interest rates compared to other home loans.
At Clear Lending, we will conduct a free analysis of your ratios helping you understand your chances of qualifying for home loans for high debt ratios. Simply contact us and we will help you with best plan to purchase your dream home.
Don't wait any longer and find out how much you can get Pre-Approved for.
Whether you are considering purchasing or refinancing an existing mortgage loan, Clear Lending can help you. Simply complete our secure and encrypted Pre-Approval Form online and we will contact you right away to review best options for you.
This advertisement is not an offer for an extension of credit. Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.
I don't even know where to start with just how much Joan has helped us going above and beyond of his service. I was impressed with how he handled eveything from beginning til we closed, and made sure he contacted us about every detail necessary. I could reach him even late nights and weekends where he could be spending time with family but instead, he was available to assist us. I highly recommend Joan to anyone and I promise you, you won't regret it.
FROM GOOGLE: The best team, very professional. I recommend them.
FROM GOOGLE: This Company is by far the most professional company I have worked with!! Effective, Caring and Result Oriented. I cannot express enough how knowledgeable Joan and Patricia are, they walked us through every step of the way, answered every one of our questions no matter how small. Joan gave us plenty of advice and support to help us find our home. Joan was ALWAYS available when we needed him and his sense of urgency was par to none, he treated our home buying process as if it was his own. I have never worked with a group of people that cares so much about their clients. Joan made our first home buying experience a thing to remember. There are hits and runs, but working with Clearlending was a Homerun!!!! We recommend Clear Lending to all of our friends and family. Thank you Joan and Patricia!!!! May God bless you guys and continue to give you success.