A loan processor wrote this in an e-mail to me. What's it mean?..@60k thecltv is76.93% @66k the cltv is84.62%
Answer:
at $60,000 the combined LTV is 76.93%
at $66,000 the combined LTV is 84.62%
basically the processor is telling you what amount would suit ou better. I assume your credit is coming into play here otherwise it wouldn't be a factor. but, depending on your credit, most lenders will not allow more than X amount of LTV. generally 75% is a good LTV and anything aboove that is pushing it in terms of getting it qualified. so, looks like you're going to have to choose one of the other and for the higher LTV (loan to value) your credit will have to increase.
At $60,000 the combined loan-to-value is 76.93%. At $66,000 the combined loan-to-value is 84.62%. Most financial institutions can't lend money if the loan-to-value goes over a certain percentage.
They are correct
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