We're working on getting a USDA Guaranteed loan and were told by one lender that they are very strict with not exceeding 29% for the front end ratio. However I've read every website I could about this and they've said the opposite; that with other compensating factors and a debt ratio waiver they could go higher.
As far as I know, we sound like good candidates for a waiver: scores above 660, able to put a substantial amount in savings in the bank after paying high rents, etc.
Even if we go up as much as 33% our back end ratio would only be at 38%.
Does it sound likely that we'll able to go higher than 29%? The house we're looking at would put us at about 31%.
Thanks for your time!
