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Showing results for tags 'ratio'.
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I want to buy a second home in NY area (would love to hear from those who can lend in NY) and here is my situation- hopefully it's all you need to offer opinions. 1. Own a home in Fl. with approx. 180k left on mort. Worth 280 but dont want to get second mort. since family member co owns. Total payments with prin, int, insur, taxes is $1400 monthy that I pay by myself- co owner doesn't live here. Plus I have $225 community dues monthly, no other regular monthly payments- no car loan or credit card balance- use debit card. 2. Net worth approx. 2 Mil but 500k is weird stuff...private RE partnerships, 1/3 of an insurance trust, etc- that I doubt banks would consider. Plus IRA of 70k. I don't want to pay all cash for second home because mostly in family partnership with siblings, but that I can get document full access and continuing payments from it 3. No earned income- retired. Excellent credit- 775 on Myfico which I think is the "real" Fico score. 4. I know there are "Asset Depletion" programs from having posted previously- I found a bank document online explaining how to underwrite these I estimate they would credit me about 1.1 mil. for my assets after applying 70% factor to stocks, and -if I recall- 70% to my IRA since Im under 59- Im 56. I figure at 1.1 Mil at 4% on 30 years I would get credit for approx. 6k for month as income under the banks standards(?) 5. I have read that FHA has looser standards for front end and back end ratios, including up to 50% or more on back end ratio and perhaps 45% on front end. I believe the mortgage payments on my primary residence would be consider part of the back end ratio when calculating for new mortgage on 2nd home. So by my calculations based on around $70k annual "asset depletion" income, approx. 1650 annual expenses- which is all due to existing home costs- and before new second home mortgage, and these higher ratios- 45% front end and 55% back end (if really available????) and a down payment of 50k plus on 250 second home, can I hopefully get close to the requred 200k mortgage?? I realize I am asking for something unusual between the higher ratios and the asset-depletion, but hoping someone on here can give some advice or is experienced enough to know how this would go. Thanks!
Hello, I pulled my Experian report today... I know i know, experian is the lesser of the 3 right, well it was free with my membership and i just wanted an update. This is what i expected ( and to protect the innocent i am rounding off numbers here) Had a car loan Origional limit was 23,000 > recently i had it paid to 16000 > I made a large payment of 13000 So my current balance is about 3000 So this is the major beef im encountering: my credit report prior to this displayed my credit to debt ratio as 56% I had assumed that after a large payment it would drop my percentage quite a bit because it was the bulk of my debt. well when i pulled my new report is showed me my credit to debt as 54%. I do have other accounts a few credit cards and 1 installment loan but i feel the credit to debt ratio should be far lower... here is why... I added every account limit to show my full credit = about $40000 then i added all of my balances together (where a card was maxed i added the full limit) ... the total of this was 10000 as 10000/40000 is 25% shouldnt my credit to debt ratio be 25% not the 54% i see on te report. With this i believe my credit score would get better because i am less in debt correct? Please assist me if you can. All of this magical system algorithm of credit is killing me inside. I called experian and they had no idea what i was getting at