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Will I qualify for FHA?

Established Contributor

Re: Will I qualify for FHA?

So apparently it is 31/43 according to the handbook but with "compensating factors" such as larger downpayment or conservative use of credit history it can go up a bit higher. Wonder how their doing over 50%.....multiple compensating factors? Is that possible?

http://www.fhahandbook.com/docs/4155-1.pdf
Message 11 of 14
Valued Contributor

Re: Will I qualify for FHA?

Wow! With a 56 %back end the FHA is asking for defaults 😩
Message 12 of 14
Established Contributor

Re: Will I qualify for FHA?

I agree. Plus that 56% is off gross income... Our personal net is significantly less than gross......
Message 13 of 14
Valued Contributor

Re: Will I qualify for FHA?

Yep, firemedi111 us too !! If only I brought home the gross. Y'all. This is how we got here! Let's all learn from everybody's mistakes!
Message 14 of 14