Friday, November 20, 2015

Are my chances of a mortgage approval good?


Are my chances of a mortgage approval good? - 1
Added (1). Here is the Criteria:

Single Male
2-unit multifamily home
Gross Salary: $52,000
Purchase Price: 208K
5% Down
Financed $197,600
Bottom unit brings in $975/month, the tenant has been there for 4 years and wishes to stay.
Only debt student loans: $210/month
For DTI they took 52K plus 75% of the rental income, mortgage with taxes, etc. Is $1385 therefore my front end DTI is 1385/5064 = 27.3%.
My back end DTI = 31.5%
Credit Score = 705
Cash Reserves: 8 months mortgage

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