Main Menu
Advertisement
Affiliates
Advertisement
Newest Members
gclarkla, ToasterWEyes, brokefish, FMiller2016, LathGage
106340 Registered Users
Top Posters
TexDawg 86891
hopalong 78788
Pilothawk 75536
JDavis7873® 67385
John175 ® 65707
FattyMcButterpants 60793
Derek 🐝 58850
Tritonman 57701
LoneStarSon® 53682
SkeeterRonnie 53096
facebook
Forum Stats
106340 Members
61 Forums
861667 Topics
12247145 Posts

Max Online: 36273 @ 01/23/13 02:34 PM
Topic Options
#10847326 - 05/15/15 05:29 PM REC Lending ?
tbucket101 Offline
Angler

Registered: 03/19/13
Posts: 395
Loc: Saginaw
What Debt/Income ratio range should a potential buyer need to be in with mid 600s credit score?
_________________________

Top
#10848712 - 05/16/15 11:59 AM Re: REC Lending ? [Re: tbucket101]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 328
Originally Posted By: tbucket101
What Debt/Income ratio range should a potential buyer need to be in with mid 600s credit score?



Most lenders like to see 40% or less including what ever new loan you are applying for. Credit score really does not effect that percentage at all. He have seem people with high 700 scores not get approved because that number is out of balance. Lenders started looking at DTI much closer since the 08 - 09 slow down. The other number that gets more attention these days is the credit card balance. They like to see 60% and above available. Remember, the DTI number is based on provable income. A W2 or 2 years of tax returns for self employed.
Let us know if we can help.
Thank you,
Ken
_________________________

Top
#10869170 - 05/24/15 04:47 PM Re: REC Lending ? [Re: tbucket101]
Chemdawg Offline
Extreme Angler

Registered: 01/22/13
Posts: 1236
what if you like me all my income is tax free i dont have any tax returns just what my wife make I have thought about taking out a 5000 loan with in addition of the money i have same and what i get from the sale of my boat

Top
#10876436 - 05/27/15 05:21 PM Re: REC Lending ? [Re: tbucket101]
Bob Landry Online   content
Extreme Angler

Registered: 08/10/11
Posts: 2656
Loc: Austin, Tx
Interesting that you don't have to file a tax return showing your govt income even if it is tax-exempt. When you apply for a loan, they take all income into consideration.
Another thing is that many lenders have a minimum amount that they want to finance, or else it's not worth their time, but there's nothing to keep you from financing more and paying it off early. I think in Texas, you can pay off a loan without penalty after the first year. Ken should have all of the info on that.
_________________________
2015 Seaark 1872 MV CC Etec-90
Two Helix 12 CHIRP SI's, , MinnKota Riptide ST80/i-pilot Link, Bob's Hydraulic
2018 Robalo R180 CC, Yamaha 115

Bitter Gun Owner
Bitter Clinger
Armed Infidel

Top



© 1998-2017 OUTDOOR SITES NETWORK all rights reserved USA and Worldwide