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Where can I find a DTI calculator that allows for the 57% FHA DTI?

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Anonymous
Not applicable

Re: Where can I find a DTI calculator that allows for the 57% FHA DTI?

Numbers above used only for example
Message 11 of 16
StartingOver10
Moderator Emerita

Re: Where can I find a DTI calculator that allows for the 57% FHA DTI?


@Anonymous wrote:
$4000 * 0.58 = $2280 - debts = $ left for housing.

^^^right, except it is .5699 for fha and .45 for conventional (some will go to .45, others stick at .43)  Banks have the most conservative (read "lowest allowed") ratios.  

Message 12 of 16
Anonymous
Not applicable

Re: Where can I find a DTI calculator that allows for the 57% FHA DTI?

I see that you bought a house! Congratulations! Did you do it with the 57%dti?
Message 13 of 16
Anonymous
Not applicable

Re: Where can I find a DTI calculator that allows for the 57% FHA DTI?


@Anonymous wrote:
I see that you bought a house! Congratulations! Did you do it with the 57%dti?

Thanks! I apologize for having confused everyone. The 57% was not my personal DTI, that was what I was aware of was the max allowed for FHA. So what I was trying to accomplish with this post was to find a site where I could figure out what price ranges of homes I could look at to remain under 57%. (The 57% includes the mortgage payment.) I never found such a site, but yes I went with FHA because although my own DTI was lower than 57%, it was higher than a conventional loan would require because of the IBR student loan drama. Are you looking for a mortgage with a high DTI?

Message 14 of 16
trnl2016
Regular Contributor

Re: Where can I find a DTI calculator that allows for the 57% FHA DTI?

I'm also in a situation where 1% of deferred student loans puts me at a super high DTI -- 54% to be exact. However, taking them out of deferrment and into a standard repayment is out of the question because then my payments will be about that high anyway. 😑 If they used IBR (which I applied for and was recently approved), DTI would drop by at least 10%... but they don't accept that now. Does that mean I'm out of luck? 

Message 15 of 16
StartingOver10
Moderator Emerita

Re: Where can I find a DTI calculator that allows for the 57% FHA DTI?


@trnl2016 wrote:

I'm also in a situation where 1% of deferred student loans puts me at a super high DTI -- 54% to be exact. However, taking them out of deferrment and into a standard repayment is out of the question because then my payments will be about that high anyway. 😑 If they used IBR (which I applied for and was recently approved), DTI would drop by at least 10%... but they don't accept that now. Does that mean I'm out of luck? 


54% is within FHA's max guidelines. You need to find a lender that doesn't reduce the max allowed back end ratio to less than the FHA guidelines.  Stay away from big box banks, their ratios are much lower than what FHA allows. 54% is too high for a conventional conforming loan as far as I know.

Message 16 of 16
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