Established Member
socalgenie
Posts: 30
Registered: ‎06-27-2009
Re: Evaluating Conventional vs. FHA (VA & USDA)

Such a helpful thread! Thank you for the great info! But of course it's led me to a question. :smileyhappy: My husband and I always figured that our only choice was an FHA loan since we're not planning on a down payment of more than 5% (ish). But having read this thread my understanding is that we may be able to get a conventional loan because of our high credit scores? Both of our EQ and TU FICO's are in the 785-802 range. How do conventional loans fare as far as allowable dti goes? We don't have any debt other than student loans for a combined payment of $340 per month but because our income is fairly low (on paper) we will need the dti allowance to be high to be able to afford in our area (Los Angeles).

 

Any help is appreciated!