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Just looking, Other/Just Looking in Fowlerville, MI

Does anyone see fha loans get approved with 29/43 DTI ?? 625 Mid score

Asked by Just looking, Fowlerville, MI Wed Jan 5, 2011

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Hello,

We're able to approve borrowers in MI down to a 620 fico score up to a 50% debt-to-income ratio through our FHA lending relationships with an FHA automated underwriting approval and "compensating factors" (job stability, reserves, etc).

Back-end dti or ratio means (or is calculated by) dividing the proposed housing payment + the minimum monthly payments appearing on a borrwers credit report by the gross monthly income.

Please feel free to contact me directly if you need assistance with your mortgage, I'd be happy to help.

Regards,
Andrew
aluett@luettmortgagegroup.com
0 votes Thank Flag Link Thu Jan 6, 2011
Thanks for your answer, by back end do you mean total debt? I'm not a broker, just looking to get an FHA loan so I'm not familiar with what back end means. The broker told me that this DTI would be a streach to get approved, so I'm worried. Thanks.
0 votes Thank Flag Link Thu Jan 6, 2011
Yes there are loans getting done at that, FHA cares about the back end DTI.
I did an FHA loan with 56% back end DTI in September 2010.
It all depends on what the automated underwriting comes back with.
0 votes Thank Flag Link Wed Jan 5, 2011
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