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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.
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.
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.
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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