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29/41

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Regular Contributor

29/41

if the front end ratio is piti (29) and the total is 41, what if you don't have any other debt can the total piti be 41%?
Message 1 of 5
4 REPLIES 4
Super Contributor

Re: 29/41

it is 31/43 not 29/41. it was raised after the bush tax cuts.

 

if automated accepts you, it doesnt matter what the ratio is 

 

 

Retired Lender
Message 2 of 5
Regular Contributor

Re: 29/41

thanks for the clarification.
Message 3 of 5
Regular Contributor

Re: 29/41

reading other posts it got a little confusing again. if your total debt is .02%(cc)  can your mortgage payment be 41% of your income? ex: your income is 2652 your mortgage payment is 1087 and your other debt is 55.

1087  + 55 = 1142 / 2652 = 43% (that's the best example i could come up with, hope it makes sense)

Message 4 of 5
Senior Contributor

Re: 29/41

reading other posts it got a little confusing again. if your total debt is .02%(cc)  can your mortgage payment be 41% of your income? ex: your income is 2652 your mortgage payment is 1087 and your other debt is 55.

1087  + 55 = 1142 / 2652 = 43% (that's the best example i could come up with, hope it makes sense)

 

The quick and easy answer is no and yes...LOL.  Technically they want the ratios to be under what they set.  Otherwise what happens in 6 months when you need to buy a car or whatever or you max out your credit cards.  But, they will make exceptions for situations such as high reserves, high down payment, high FICO score (+700 or so I would guess)  It all depends upon the overall picture of the file.  They will usually want to see some of the above factors to allow someone to go all the way up to the limit on just the housing payment.

Message 5 of 5
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