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David A. Krebs is a licensed mortgage broker with over 15 years of experience offering loan options beyond traditional banks

3.25% Fixed Interest Rate for Borrower with High Debt

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Low Interest Rate for 30-Year Fixed

Despite the COVID-19 pandemic, we obtained a 30-year conforming purchase loan for our client to buy her first home in Miami, Florida at a 3.25% fixed interest rate.

Given the coronavirus situation, everyone had to pull together to get this deal closed.  The seller reduced the price by $5,000, and our client’s family member provided a gift fund to help cover closing costs.  Also, we had the technology and ability to close the loan by working remotely and staying in constant communication.

While our client’s credit scores were good (in the high 700s), she had relatively high debt due to student loans, credit card balances, and an auto loan.

Whereas most traditional banks do not allow a debt-to-income ratio (DTI) above 43%, this particular lender allowed a DTI up to as high as 50%.

This was particularly helpful for our client, whose DTI was right around 50%.



Posted on

April 7, 2020

Miami mortgage broker

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