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REC Lending ?
#10847326
05/15/15 10:29 PM
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Joined: Mar 2013
Posts: 397
tbucket101
OP
Angler
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OP
Angler
Joined: Mar 2013
Posts: 397 |
What Debt/Income ratio range should a potential buyer need to be in with mid 600s credit score?
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Re: REC Lending ?
[Re: tbucket101]
#10848712
05/16/15 04:59 PM
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Joined: Oct 2010
Posts: 395
RecLending.com
Angler
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Angler
Joined: Oct 2010
Posts: 395 |
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
RecLending Office (517) 543-6921 Email: Info@Reclending.com Todd's Cell: 517-294-0459
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Re: REC Lending ?
[Re: tbucket101]
#10869170
05/24/15 09:47 PM
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Joined: Jan 2013
Posts: 1,236
Chemdawg
Extreme Angler
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Extreme Angler
Joined: Jan 2013
Posts: 1,236 |
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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Re: REC Lending ?
[Re: tbucket101]
#10876436
05/27/15 10:21 PM
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Joined: Aug 2011
Posts: 2,957
Bob Landry
Extreme Angler
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Extreme Angler
Joined: Aug 2011
Posts: 2,957 |
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 2020 Robalo R200 CC, Yamaha 150
Bitter Gun Owner Bitter Clinger Armed Infidel
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