
08-26-2009, 07:27 AM
|
|
|
Location: Twin Cities, MN
164 posts, read 490,035 times
Reputation: 166
|
|
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!
|

08-26-2009, 11:02 AM
|
|
|
161 posts, read 474,032 times
Reputation: 85
|
|
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!
|
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.
|

08-26-2009, 12:45 PM
|
|
|
Location: anywhere
1,730 posts, read 4,468,436 times
Reputation: 1873
|
|
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!
|
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.
|

08-26-2009, 01:17 PM
|
|
|
Location: Plano, Texas
1,675 posts, read 6,794,986 times
Reputation: 697
|
|
you should have no issues.
|

08-26-2009, 02:04 PM
|
|
|
392 posts, read 1,489,635 times
Reputation: 134
|
|
41 DTI if the loan needs PMI. Other than that, 55 is the max I can get approved on an automated approval.
|

08-27-2009, 07:37 AM
|
|
|
Location: Twin Cities, MN
164 posts, read 490,035 times
Reputation: 166
|
|
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.
|

08-27-2009, 08:48 AM
|
|
|
Location: anywhere
1,730 posts, read 4,468,436 times
Reputation: 1873
|
|
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.
|
You'll be fine then. Congrats! 
|
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|