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I have seen files get approved and funded as high as 65, but above that is not possible. Do you have other income sources that are not eligible to be used for your loan program? If your true ratio is 70, you will not be able to afford your payments.
Bob - I closed a 62 Debt Ratio on a Refi Plus loan about 10 days ago. 580 FICO score. Lowered existing mortgage $200, seemed like a good loan to me.Also got approve/eligible at 60 last week for a conventional refinance. It is a divorce buyout, cannot use spousal support to qualify because not seasoned yet, so has to qualify on base income only. True Debt Ratio obviously is less and DO found it to be acceptable risk even at 60.Agree that anything above 45 needs to have compensating factors and is case by case situation....but as far as Fannie is concerned, they are still taking the high ratios for now. Of course, this will all end December 13th once 8.0 comes out.
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