FHA debt ratios are the most flexible of all loan programs with allowable ratios over 50%. If we are able to get an Approval through an Automated Underwriting System then you are good to go. This can be done prior to selecting a home. I can help with this.
The front-end DTI ratio represents the relationship between a new housing expense and your gross monthly income. The FHA has a benchmark front-end ratio of 31 percent. Your new housing payment, including principal, interest, property taxes, homeowners insurance and mortgage insurance, commonly referred to as PITI, may not exceed 31 percent of your gross income.
Web Reference : http://fhamortgageinfo.com/... more
Congratulations .You should talk to the broker and see if you can have another mentor. Did you interveiew more than one broker ? You should see if you can work with a top agent who is willing to train you.... more