Here is my info if anyone can help. I make 2988.80 yucky a month not including overtime. which i make about 60 hours a month in that. I have a 400/month car note which ends in may08 i pay 600/mon child support and that is about it except i do pay 375/mon rent and about 40/mon insurance. I was told my income to debt ratio was 47 percent when it needs to be 43 percent. the underwriter told me this today because she thinks that they are looking hard at that. Is this to high to get the house i want which cost 124500 and we are place 3% down on it. Is there any mortage brokers out there who could tell me what is going on right now because right now this seems to be the only thing standing in the way of the house i want.
i recently applied for FHA loan Now I have a question about income to debt ratio for that loan?
One Response to “i recently applied for FHA loan Now I have a question about income to debt ratio for that loan?”
Leave a Reply
Recent Posts:
Related results on i recently applied for FHA loan Now I have a question about income to debt ratio for that loan?
A FICO credit score, good or bad, is not a requirement for most conventional or government loans such as FHA loans or VA loans. And if you do borrow money for a down payment it must be disclosed to the lender or if any of your money for your down ... Knowing what deductions you can take may free up more for your income tax refund which you can apply to future loan payments or pay off debts. Now if you get a 20-year fixed rate mortgage term it will mean higher payments, ...
There are actually no income or consumer credit score score standards for this loan, so it can be quick to qualify as opposed with other residence loans. All likely borrowers are expected to participate in HUD reverse dwelling loan ... In 2010, the FHA expects to insure about $30 billion in HUD alter mortgages. Due to the fact that of this, the present-day administration has requested a $250 million consumer credit score subsidy of the alter dwelling loan system and an ...
My husband has a high 500 score (bad I know), but his debt is really low (Less than 1000) but he just now paid off a credit card that he DIDNT pay for 5 months. His income ALSO has been low for the past few years, but. ... His income ALSO has been low for the past few years, but he is deploying soon and will be making more than enough money to afford a house. Will the mortgage people take let us have a VA loan (he is eligible, served 1 and 1/2 yrs in Iraq) even though he ...
Well that sound about right. With just the information you gave, here's what I calculate.
If they said your DR was 47%, then the PITI is $804.
$2,988 X 47% = $1,404
$1,404 – $600 = $804
The car payment isn't included in debt ratios because it is an installment payment with less than 12 months remaining.
But, if you've been working 60 hours of overtime cosistently for the last 12 months and you can prove it with W-2s and pay stubs, then they can include OT in your yucky monthly income.
The DR is too high only if they are doing a manual underwrite or the DU/LP findings say so. Question your loan officer which one it is. Sometimes the AU findings will be Approve/Eligible with a higher DR if there are other compensating factors like credit, assets, etc.
I suggest you talk to at least one other HUD-approved FHA lender.
Excellent luck!