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Quite Often, Your Debt To
Quite often, your debt to income ratio can be improved which would greatly help if your score is in the mid 500′s. If your dti or debt-to-income ratio is off by a little a mortgage broker can sometimes get a 40 year amortization which can lower the payment enough in some cases to allow you to qualify under the lender guidelines. This can also be accomplished with an interest only payment. In either case this is a temporary way to make the loan work until you can get your scores to a point where you can obtain a better rate and lower payment.
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