Debt Ratio | 28 / 36 | 28 / 36 | 33 / 38 | 35 / 41 | 42 / 42 | 45 / 45 |
Down Payment | 5 % | 10 % | 20 % | 5 % | 10 % | 20 % |
Max Property Value | $154,885 | $164,998 | $213,532 | $187,153 | $206,248 | $271,021 |
Down Payment Amount | $7,744 | $16,500 | $42,706 | $9,358 | $20,625 | $54,204 |
Monthly Payment | $882 | $890 | $1,024 | $1,066 | $1,113 | $1,300 |
Property Tax (1) | $161 | $172 | $222 | $195 | $215 | $282 |
Property Insurance (1) | $39 | $41 | $53 | $47 | $52 | $68 |
PMI (2) | $118 | $97 | $0 | $142 | $121 | $0 |
Association/Misc Fees | $0 | $0 | $0 | $0 | $0 | $0 |
Total Housing Payment | $1,200 | $1,200 | $1,300 | $1,450 | $1,500 | $1,650 |
C2 Financial - San Diego, CA
C2 Financial
Barbara, this table is a good start...but nothing about finance fits precisely on a matrix. Much of the success in the packageing of a loan is in the finesse and nuance of the entire loan package. It's all about "reading between the lines"! In short, a poorly presented loan with very low ratios is more likely to be declined than a well documented and fortified file within higher ratios.
Also, ratios and guides vary significantly between lenders, investors and mortgage products. Ultimately, the packaging (i.e., the ART of putting a loan file together) is KING over ratios.
May 27, 2010 08:47 AM
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