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Answers (8)
- Chad Melin, "Chad Melin"
- Contributions:113
To add to Clay's answer, most banks will only allow you to go up to 45% on your 'back end' debt ratio. There are a few that will allow you to go up to 55%.
- Clay Branch, "Georgia Loans"
- Contributions:7820
Your ratios on a 275K home will be aprx 39/49 and that would be tough unless you have at least $4k or more left after the down payment / closing costs. As Paul points out if you are in a state that requires the UW to add your wifes debts into the debt ratio, then no. The 1st question from any underwriter will be is the current home sold because if it is not sold and not for sale in MLS, the assumption will be you are buying an investment property.
- Maria Morton, "MariaMorton"
- Contributions:716
To be safe with your debt, I recommend finding a home below $200,000.
- Voyage Home Loans
- Contributions:67
Depending on what state you are in, we would need to take your wife's credit/debt into account. I have seen this overlooked way too often and kill many a' deals at the end. However, based on what you have stated, as long as you don't have any BK's or major Derog's, with two months assetts, it sounds do able.Remember, FHA is designed to help borrowers that have not been able to obtain financing with conventional sources. This was the originating charge of the agency. Hope this helps.
- Shawn Sidhu, "C2 Financial of CA"
- Contributions:42
That is minimal information to determine a loan pre-approval. Typically, a credit report needs to be pulled to determine what your current monthly debt obligations are along with calculating a proposed mortgage payment. If you're getting an increase in salary then the lender will need a paycheck stub reflecting the raise or a letter from your employer stating that you will get a raise as well.
- Jared Godfrey, "Awesome rate"
- Contributions:59
It really depends on your debt obligation. FHA require a 31/43 maximum debt to income (DTI) ratio. (however if you can get approved with a DU approval at higher ratios FHA will accept this. This usually only happens with higher FICO scores). Given your FICO score, I doubt that you can go much above 43% DTI. DTI is calculated when you take your monthly income and divide it by your monthly debt obligation (car payment, house payment (Principle/interest/taxes/insurance/HOA), monthly loans, student loans, credit card payments, child support, alimony, etc... This ratio needs to be under 43% to qualify. Also you need a minimum of 3 trade lines on your credit report for a minimum of 24 months need to be established
- Clay Branch, "Georgia Loans"
- Contributions:7820
FHA LOAN BASED ON SALARY
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