Yes, there are loan programs that would allow for the loan amount, your FICO score (if you willing to go FULL DOC) and up to 80 ARV (if you wanted to conventional, instead of hard money).
I was able to get %10-%20 down conventional mortgages for around %7.5 or less with ZERO points using stated income…I don’t know where you have been looking but they are out there…I’m not sure what state you are buying in but I have had no problems…There is actually someone on this site that helped me as well as a few I found on my own…The zero point deal came on my own…oh and my credit score was around 800 with proveable liquid assets…
You will need no ratio if that 85% DTI is correct. No lender will approve a loan with a debt ratio that high. Loans of that size are all over the place, they just typically cost more because there is typically a hit to the discount of between .5-1% depending on the lender.
Rookie,
You did not get a “zero” point loan. What you got was your lender raising your rate and including all the points in the yield. Stated income is never free.
Thanks for the info everyone. I decided to pass on this deal as there is a current law suit going on between the current owner and the neighbor over a deck in the back yard.
I want no part of it. Will take another look when they are done fuding.
I get those loans all the time, I always buy lower than 50k they are out there. Good idea to stay out of that. Anytime a lawyer gets involved with anything its time to walk the other way because they only make a mess of things.