Congrats! Did you go through USDA?
That is an awesome payment! I think some of your good luck rubbed off on my because I was just cleared to close about an hour ago!
Thank you for taking the time to congratulate me, very sweet. I did not do a USDA or a home in 5, my debt to income ratio was 49% so I did a FHA loan. I am very nervous I am in over my head here being that I am on a fixed income, I may opt for a roommate for a while until I can pad my savings account a bit.
I financed 132k in surprise AZ, my payment is $921 a month WITH taxes and insurance, only need to pay for utilities bit with a take home of $1950 this could be tuff. This may have been why it took so long to process the loan.
First, congrats on your new home!
Just curious, but I thought DTI couldn't go over 45%...has this changed?
No, FHA allows higher back end with compensating factors. I spoke to one of my lenders today and he emphasized that he can do up to 50% back end on FHA with compensating factors.