Back End DTI Ratio

jropeter · ‎01-16-2014

Hello guys,

So I recently found a property, was pre-approved through Chase, as I am an employee there. I found a property and they accepted my offer. I applied for a conventional loan, have 20% down, and the guy doing my stuff for my financing said I have an 80/20 chance of making it through underwriting because my back-end debt to income is at 43.5%. My question for you mortgage guru's out there is.....what are my chances of getting approved? They pulled a credit score of 762. Thanks!!!

AmEx BCE 12k | Sams Club 10k | Chase Sapphire Preferred 10k| Discover IT $9.2k I Citi Diamond Preferred 5.3k I Barclays Apple Financing 4.5k | Barclays Arrival 4k | Chase Freedon $3k I Amazon Storecard $2.5k | Paypal $1.6k | src="http://ficoforums.myfico.com/html/assets/challenge.png" width="50" border="0" align="left">Starting Score: 520's
Current Score: FICO EX: 778(10/2014) FICO EQ: 785 (FICO 10/2014) FICO TU: 789 (Discover Monthly FICO)
Goal Score: 800

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BrianB_The_Loan_Professor · ‎01-16-2014

The 43% rule is for files that do not get an automated approval - you should be fine unless they have established an overlay that requires all loans to be at or les than 43%?

I think you will be fine if not there are other banks that will do the loan for you

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly

ShanetheMortgageMan · ‎01-16-2014

If the 43.5% backend ratio is the only "issue" then it should be a slam dunk.

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