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TU642 EX: 641 EQ595
Late payments over a year ago for capital one
1 Collection account for an apartment complex that I didn’t paint walls back $600
Discharged Chapter 7 BK 2012
Mine: $36,000
Employment Hourly $17.31
Car payment: $390.00
Student Loan: Currently deferred until December and then will be on IBR at $0 and another on IBR at $16
Credit card Credit one Limit $700 Balance is $245 ( Will pay off in the next month ) MIN PAYMENT $25
Capital one Limit $800 Balance $600 ( Will pay off in the next month ) MIN PAYMENT $25
Capital one Limit $550 Balance $190 ( Will pay off in the next month ) MIN PAYMENT $25
Finger hut Limit $500 Balance $94 MIN PAYMENT $15
Personal loan $1500 Monthly payments $170
Student loan balance $35,000 Car balance $7800
6. Employment (for those who are employed).
I thank you for your feedback
i spoke with a loan officer that said I could get approved for 140-150k with my income and debt
@Anonymous wrote:
Student loan will be calculated at 1% for almost all discount downpayment type of loans such as FHA and USDA if the loan is in IBR. That would add 350.00 a month to your DTI.
FHA debt to income limits are 31% for housing and 43% total but lenders may have overlays which make those limits less.
That gives you a total debt limit of $1254.00 including your mortgage. Our mortgage is USDA closed 7/28 with 4% at 164,000 our taxes and insurance are 1000 and 1250 and our total payment is $1034.00.
I do not think your income will meet the ratios at this point but talk to a lender or maybe one will chime in.
^^^the portion highlighted in red is not accurate. FHA has their guidelines: 46.99% max for front end (a/k/a housing) ratio and 56.99% for back-end (a/k/a total debt) ratio. Each lender can set their own guidelines - make the ratios tighter, but not make the ratios more loose. Firemediii you must have had a very hard lender to make the FHA ratios so low. Is it possible they quoted you the ratios for a conventional loan? Because that is where the conventional loan ratios seem to be 43% to 45% for total.
@Anonymous wrote:
Came from the FHA lender handbook.
Honestly, I have several lenders that use higher ratios all day long. Recent closings. Routinely see backend ratios in the 50% to 55% range all the time.
Was the 2015 lender guidelines apparently. Fascinating that the government is so loose with FHA but so tight with USDA. Anyways hope it all works out for the OP.
Our loan this time was USDA and 29/41 were the loan limits.
@Anonymous wrote:Was the 2015 lender guidelines apparently. Fascinating that the government is so loose with FHA but so tight with USDA. Anyways hope it all works out for the OP.
Yes, isn't that the truth!
We don't even have USDA available in my county at all. Have to go up to the next county to buy