Audited financials are not a normal requirement but the underwriter must want some ""independent"" opinion. You might want to ask if a CPA review might work or something less costly to still get the job done.
More details: http://fhamortgageinfo.com/
The reason conforming loans with less than 20% down can no longer exceed 41% is because the PMI companies have instituted their own underwriting guidelines and won't insure those mortgages even if the lender approves the loan.
FHA does not have that problem because the govt insures those loans.
With respect to approval of higher DTI's, underwriters go off of something called the FHA TOTAL SCORECARD to evaluate the risk of a loan. What they are basically looking for is that a mortgage does not have MULTIPLE layers of risk such as high DTI and low credit.
If you passed automated underwriting and the only risk in the file is a slightly high debt to income ratio you should be fine
Bob below has a very good point, my experience has also been that underwriters are more comfortable with less down and reserve funds than more down and no reserves. I'd also recommend paying some of that revolving debt, especially if any is from high balance-to-limit accounts. There's nothing wrong with 3.5% down, take care of a little bit of that debt if you can. The truth is that you might be ok anyway, your file sounds strong as is. Good luck!
E Mortgage Management
800.793.9633 ext. 156