DTI Question

[Anonymous]

Am I calculating this correctly?  

Monthly Income - 4,000

Debt -

CC monthly mim pmts - 170.00

loan monthly pmt 40

car loan 180

Current DTI is 9.75 .....is this correct?

If I had a house pmt at 1500, then my DTI would be 47.25% .......which is considered to high????

With my credit cards being low minimum payments .....paying off any of these wouldn't really help anything

Visa - min pmt 15.00

Visa - min pmt 15,00

visa - min pmt 100.00 .....(owe a little to much to pay this down while keeping money for down pmt and closing costs)

target - min pmt 10.00

CU Loan - min pmt 40.00

CU visa - min pmt 30.00

My minimum pmts are so low, I don't really think paying any of these down are going to help with the DTI ratios ..........am I overlooking something?    Has anyone been FHA approved w/ a 47.25% DTI?

[Anonymous]

you want to stay under 20% is the general rule

[Anonymous]

yes, that's the general rule, but I believe there have been instances where people have been approved for a MTG with DTI's higher than the 23% ....am I wrong?

Also - I assume since my mim cc pmts are already so low, paying them down wouldn't really help anything ...meaning ...getting rid of a 30.00 payment really isn't lowering the DTI to much

[Anonymous]

We discussed our DTI w/ our lender & are not going FHA.. our DTI is exactly 47% w/ our proposed mortgage am't & she said FHA won't go for it. Try USDA if it's available in your area.

[Anonymous]

I think FHA was my only option right now due to medical collections

[Anonymous]

According to the FHA website they use 28/35....but you can go higher than that.

If anyone stayed at 20% no one could afford a house.....

I've heard a lot of people using 31% / 43% to figure theirs out.

Message Edited by 1111mel on 06-12-2008 02:15 PM

[Anonymous]

So, I assume that means that 47 is to high.

Sad thing is ......it's me and my fiance ...getting married in Aug but I can't use his income, even thought we have joint checking account, all money is "our money", but he has a judgement so I can't use his credt ........therefore, can't use his income.

My child support will stop next year and therefore, they won't include my child support income either.

My fiance looked at re-financing his vehicle which is currently in my name due to his credit situation, they CU said they could do it with a co-signer ...great, right?  HA HA HA .....the joke was on me for getting excited, his father offered to co-sign but his credit isn't that great either because they would only finance up to 3900, and the pay off is 5100 ......ha ha ha ha

My LO tells me not to worry this will go through with this other lender (turned down by first lender) ...but I'm honeslty losing faith in her .......why did she say my DTI was 43% ????

[DallasLoanGuy]

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rbbyrbsn wrote:
you want to stay under 20% is the general rule

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wrong

[DallasLoanGuy]

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ivyalmighty wrote:

We discussed our DTI w/ our lender & are not going FHA.. our DTI is exactly 47% w/ our proposed mortgage am't & she said FHA won't go for it. Try USDA if it's available in your area.

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for a manual underwrite, maybe.

i have 2 loans approved at 48 & 50% total expense debt ratios right now. just waiting out the inspections to process

[Anonymous]

Dallas - hmmm.....I wonder why I've having a hard time with mine .........any ideas?   Our does it all depend on the underwriter or weather or not it made it through automatic underwriting?

Mine has to go through manual underwrite ....mabe that's the difference?