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Old 08-26-2009, 08:27 AM
 
Location: Twin Cities, MN
164 posts, read 468,486 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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Old 08-26-2009, 12:02 PM
 
161 posts, read 456,655 times
Reputation: 85
Quote:
Originally Posted by LawoftheLand View Post
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.
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Old 08-26-2009, 01:45 PM
 
Location: anywhere
1,730 posts, read 4,295,381 times
Reputation: 1867
Quote:
Originally Posted by LawoftheLand View Post
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.
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Old 08-26-2009, 02:17 PM
 
Location: Plano, Texas
1,675 posts, read 6,645,856 times
Reputation: 694
you should have no issues.
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Old 08-26-2009, 03:04 PM
 
392 posts, read 1,457,661 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.
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Old 08-27-2009, 08:37 AM
 
Location: Twin Cities, MN
164 posts, read 468,486 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.
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Old 08-27-2009, 09:48 AM
 
Location: anywhere
1,730 posts, read 4,295,381 times
Reputation: 1867
Quote:
Originally Posted by LawoftheLand View Post
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!
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