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#10847326 - 05/15/15 05:29 PM REC Lending ?
tbucket101 Offline
Angler

Registered: 03/19/13
Posts: 349
Loc: Saginaw
What Debt/Income ratio range should a potential buyer need to be in with mid 600s credit score?
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#10848712 - 05/16/15 11:59 AM Re: REC Lending ? [Re: tbucket101]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 312
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
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#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

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

Registered: 08/10/11
Posts: 2016
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.
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