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I am building a house and the ratios will end up being 35.5%/44.6% (front end/back end). I am worried about the front end ratio being so high, I always thought it needed to be below 33%.
The house is in Texas.
House Sales Price $432455
PITI Payment $3490
Middle Score is 789
Downpayment 10%
Reserves after downpayment $10k savings and $60k 401k (60% of that would be $36k)
Loan Type is 80/10 Piggyback with the 80% portion being a 30 year conventional.
I am starting to worry, any clarification or first hand experience with higher ratios is very much welcome.
Thanks!
Income?
Income is $118,000 base per year, or $9833.33 monthly.
i also get15% bonus, but do not have two years history of this at my current company. The past two years, my bonuses averaged $20,000, but I worked at a different company, so am assuming they will not count.
I thought the front end was a max of 28%.