topic Re: FHA DTI limits? in Mortgage Loans

FHA DTI limits?

Anonymous — Thu, 05 Mar 2009 17:25:03 GMT

Hi,

We're getting our ducks in order to purchase our first home. We are only using my husband since I'm self employed. Here are his stats:

Savings for down: $35K

Annual gross: $100,700

Mid Fico - 675

Years at current job: 7+

Car payment: $557

Credit card debt: paid off monthly

We're in San Diego and regular 1500-2000 sqft, 4bdrm/2bath homes are going for $400K - 500K range. Can anyone tell me what the FHA limits are and if there is anything we can do to stretch those more?

Re: FHA DTI limits?

Anonymous — Thu, 05 Mar 2009 17:52:33 GMT

Looks like their website says $697,500 for a single family in San Diego, you should be fine there

http://www.fhaloan.com/lending_limits_state.cfm?state=CALIFORNIA

Message Edited by ladyofnight on 03-05-2009 09:52 AM

Re: FHA DTI limits?

Anonymous — Thu, 05 Mar 2009 18:02:23 GMT

I qualified through FHA back in August with a dti of 53%.

Re: FHA DTI limits?

Anonymous — Thu, 05 Mar 2009 18:27:31 GMT

HI,

I closed on my house yesterday! My DTI was 44% on a 230k FHA backed loan. I live in the Portland area where housing prices average for around 300k. We(I) was approved using just my credit and income due to my wifes low credit scores. My income is around 65k 20 years on the job and nearly no credit card debt, two car payments....one for 337/month and the other for 370/month.

My mid fico score was 646

Re: FHA DTI limits?

Anonymous — Thu, 05 Mar 2009 19:03:50 GMT

So if I understand correctly, the 29/41 DTI ratios are not set in stone for FHA?

Re: FHA DTI limits?

Anonymous — Thu, 05 Mar 2009 19:28:46 GMT

no, they can stretch them a bit depending on how solid your credit looks.