Quote:
Originally Posted by wifi
I respectfully disagree with your disagreement  I have no debt outside of a mortgage, pay credit cards off each month, about 25% debt (which is only the mortgage) to income ratio, 60% down payment, no defaults or bankruptcies. This is all a current and ongoing event for me, maybe you slipped in under the wire earlier this year, congratulations on your new place |
I agree with Maxum, not sure why you are having issues with numbers like that. What bank? Credit score ok? Did the second mortgage put your ratios too high? Is there something funky about the property or is it not appraising out at a value that makes sense? With 60% down it seems like a slam dunk.
We recently went for an approval to buy a 3rd house and got it, even though it put our ratios over 50%. We are in the process of selling the other two, so it would have been a short term situation, but chose against it anyhow. I don't know of anyone that has gone to get a mortgage that has been denied. Granted the banks aren't as lenient as they once were but as long as someone has decent credit, can afford it, and the value is there it should not be an issue.