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08-26-2009, 07:27 AM
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Location: Twin Cities, MN
164 posts, read 490,035 times
Reputation: 166
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Has the mortgage industry all reverted back to the "old rules" of max 28% PITI to income and max 36% total debt to income for loan qualifications? Or is it more flexible than that?
FICO score is 730 and I want to get a sense of whether I can qualify for a condo loan when I am exceeding both the 28% and 36% ratios.
Thanks for your input!
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08-26-2009, 11:02 AM
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161 posts, read 474,032 times
Reputation: 85
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Quote:
Originally Posted by LawoftheLand
Has the mortgage industry all reverted back to the "old rules" of max 28% PITI to income and max 36% total debt to income for loan qualifications? Or is it more flexible than that?
FICO score is 730 and I want to get a sense of whether I can qualify for a condo loan when I am exceeding both the 28% and 36% ratios.
Thanks for your input!
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It never went away. You are eligible for up to 28-38% of your gross monthly income to use towards a payment of a mortgage. Of course, unless you're over-leveraged in other financial obligations. |
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08-26-2009, 12:45 PM
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Location: anywhere
1,730 posts, read 4,468,436 times
Reputation: 1873
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Quote:
Originally Posted by LawoftheLand
Has the mortgage industry all reverted back to the "old rules" of max 28% PITI to income and max 36% total debt to income for loan qualifications? Or is it more flexible than that?
FICO score is 730 and I want to get a sense of whether I can qualify for a condo loan when I am exceeding both the 28% and 36% ratios.
Thanks for your input!
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How high are you going? I have a loan right now, FHA purchase, that is at a 55 debt ratio and is fully approved although that is not the norm these days. Still, as long as you keep the back end under 50% or so, with strong credit and decent assets you should be just fine. |
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08-26-2009, 01:17 PM
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Location: Plano, Texas
1,675 posts, read 6,794,986 times
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you should have no issues.
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08-26-2009, 02:04 PM
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392 posts, read 1,489,635 times
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41 DTI if the loan needs PMI. Other than that, 55 is the max I can get approved on an automated approval.
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08-27-2009, 07:37 AM
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Location: Twin Cities, MN
164 posts, read 490,035 times
Reputation: 166
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Thanks for the input everyone! My ratios would be 37% on house payment and 41% on DTI, so it looks like it will be OK.
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08-27-2009, 08:48 AM
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Location: anywhere
1,730 posts, read 4,468,436 times
Reputation: 1873
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Quote:
Originally Posted by LawoftheLand
Thanks for the input everyone! My ratios would be 37% on house payment and 41% on DTI, so it looks like it will be OK.
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You'll be fine then. Congrats!  |
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