I think it will be fine. With a DTI of 55% and household income of $63K with the mortgage taking up 23%, and only $100 of payment shock, I think that is doable. It sounds like most of the debt you have is other than the mortgage payment. It is the exact opposite for me.
I didn't imply you were being stupid or anything like that. I did not know the info that you just provided beforehand. I was simply relaying my own personal experience and instances where their could be a problem. You're in underwriting so I wouldn't worry much about the new rules.
As far as the DTI requirement of 43%, I think we are going to see a lot of lenders morph the requirement with their own overlay requirements. There will still be lenders that will approve a DTI of greater than 43% and others will stop allowing. Same with the manual UW requirement below 620. There are going to be lenders that simply won't approve with a credit score less than 620. The new rules will definitely tighten the industry and make it a tad bit harder to get a mortgage. On PBS Newshour they talked about the 43% rule being across the board so I think we will have to wait and see how it is implemented across various lenders.
I didn't imply you were being stupid or anything like that. I did not know the info that you just provided beforehand. I was simply relaying my own personal experience and instances where their could be a problem. You're in underwriting so I wouldn't worry much about the new rules.
As far as the DTI requirement of 43%, I think we are going to see a lot of lenders morph the requirement with their own overlay requirements. There will still be lenders that will approve a DTI of greater than 43% and others will stop allowing. Same with the manual UW requirement below 620. There are going to be lenders that simply won't approve with a credit score less than 620. The new rules will definitely tighten the industry and make it a tad bit harder to get a mortgage. On PBS Newshour they talked about the 43% rule being across the board so I think we will have to wait and see how it is implemented across various lenders.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014
Great posts, @MovingForward. Really helps put things in perspective with real world cases, thanks.
Starting Score: (2009) EQ = 626 | TU = 664
Thanks Rehr22! :-)
