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Upside down on DTI can I still get a mortgage?

I make 60 a year and have over 230k in debt. Is it going to be possible for me to get a mortgage anytime soon or do I need to pay down my debt significantly? The debts are student loans.
By dr_stephankearney367515 from NM Aug 18th 2014
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Hi Stephen, it depends. For mortgages purposes, your DTI is typically calculated using on your gross monthly income and monthly mortgage payments, monthly installment/loan payments, and your minimum monthly payments revolving debt, such as credit cards. So, if the only monthly debt you have is the student loans, it just depends on the total of the payment in relation to your income. My name is Gina Bell. I am a local mortgage broker in Albuquerque and a Certified Residential Mortgage Specialist. Feel free to give me a call at 505-323-0724 or via email at gina@accessfundinginc.com, and I would happy to run some quick calculations for you and help to determine your options. I also available after regular business hours for your convenience. NMLS #222731

Aug 18th 2014

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Yes, but it depends on your debt ratio's and what type of loan you apply for. For a conventional loan normally the maximum is 45% of your gross income ($5000/mo) for all monthly payments including the new mortgage, taxes, insurance and any PMI payment.

Aug 18th 2014


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