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DTI 50% for the loan qualification
August 14th, 2018 12:45 PM
Read a story about a top mortgage producer: https://www.mpamag.com/poweroriginator/top-originator-advice/top-originator-allyson-kreycik-108672.aspx. It seems like the industry have changed a lot. During the peak years of 2009 to 1013, 100 million loans were not difficult. And now those kind of volumes can make Allyson a top producer.

But the key to her success is: help the buyer get a loan(or find a solution if for another industry). You know how to get a loan for your clients, and if you can not get it done, you know how to refer to another lender to get it done. It is very important to help the borrower's to get the loan so that they can move in the property smoothly.

There are a lot of niche markets in the industry. About 10 years ago, one loan agent told me that it is very lucrative to do reverse mortgage for the elders. I told him I can not do it since my clientele are not good candidates for the market, they do not have to get the funds for the house for the retirement, besides I do not know much old people.

Starting October, I will have one lender who can do loans with DTI(Debt to income ratio) around 50%. I think I can help more borrowers (especially those first time buyers) to qualify the loans, or other buyers whose DTI higher because the rental income could not be used etc. So if you know whose loans were recently rejected because high DTI, please let me know. I might be able to help.

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Posted by Eric Fang on August 14th, 2018 12:45 PMPost a Comment

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