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My friend is 27 days away from closing. She quit her job and now her lender is not responding. The other co-borrower is employed still, leaving them with about 55 percent DTI for an FHA. Do you think the loan can still get approved?
FHA can approve up to a 56.99% total DTI, but only a 45.99% housing ratio. Is 55% the total debt ratio or the housing portion?
Even though it can go up to 56.99%, a lot of lenders cap out at 50% or 55%.
If they can't get approved hopefully they still have their financing contingency so they can back out of the transaction and get their earnest money back.
She can find a new job and then use that to qualify, although she would be required to provide a paystub showing she's received at least 30 days of pay. If the seller is compassionate perhaps they'd be willing to wait for that to happen, assuming she'd get a new job soon.