I haven’t seen Fannie Mae give an approval for a debt to income ratio over 45% on a conventional loan in at least a year.
…So, if you are over 45% you probably were denied a conventional loan.
Here’s one strategy I use to get approvals on conventional loans with over a 45% debt to income ratio… Suggest to your loan officer that he run your file through Freddie Mac.
Freddie’s underwriting engine is a bit more forgiving when it comes to debt to income ratios.
If your mortgage guy says they don’t use Freddie Mac (many don’t), then call me! …I use Fannie and Freddie!
Note: Today is a big day for economic reports. The ADP National Employment report is due out this morning at 8:15am Eastern. Depending on the news this report will likely move the market one way or another. Good news typically equals higher mortgage rates.
That’s it for today!
Thanks for reading!
Brett
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