When it comes to borrowers that have a high debt ratio (monthly income vs. monthly debt), our best option is to provide the borrower with an FHA loan. There are limitations to every loan but we have the ability, provided we have a credit score over 660 to get an approved loan up to a 56.99% back end debt ratio.
That said, these loans need a full work up including application, credit report, and income and asset documents. Once your loan officer has all of this information they can begin to construct the loan and start to dial in the final debt ratio so we know how much we can qualify you for.
These loans often require us to contact your employer in order to obtain a written Verification of Employment in order for us to figure out exactly what income we can use for you to qualify.