Financing in Shreveport>Question Details

Kimthile, Home Buyer in Shreveport, LA

can I exceed the housing ratio of 31% if my DTI is under 43%?

Asked by Kimthile, Shreveport, LA Thu Jan 30, 2014

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3
HI Kimthile,

If you will be obtaining a loan that is Fannie Mae, Freddie Mac, FHA, USDA, or VA it will be ran through an Automated Underwriting System (AUS). The AUS will issue findings based on your overall position. It will take into consideration the purpose of the transaction (purchase, refi, cash-out refi, etc.), your debt-to-income ratios, your loan-to-value ratios, your assets & reserves after closing, credit scores & credit history, among other metrics. It is very possible to be approved with the DTI ratios you describe, but one would need to look at your complete situation and run it through an AUS to determine if you would qualify. There are also Portfolio lenders that could possibly assist you if you do not meet the requirements of the GSEs. I would suggest speaking with an experienced lender in your area and providing them with your full details to get an idea of what you qualify for.


Regards,

Mark DeWitt
V.P. Branch Manager
HomeStreet Bank
(858) 212-7054 Direct
(760) 331-2063 Fax
NMLS #633211
Mark.DeWitt@HomeStreet.com
http://www.homestreet.com/mdewitt
http://www.linkedin.com/pub/mark-dewitt/3b/100/59b/
0 votes Thank Flag Link Mon Feb 3, 2014
Conventional financing really only has one ratio roughly 45%, FHA I have seen as high as 44% housing and 56% total debt to income ratio. Really depends on total situation. I would be happy to discuss in more detail. Call me at 571-246-4373 or email me at tony.garcia@flagstar.com
0 votes Thank Flag Link Fri Jan 31, 2014
yes... however, there are many factors that play in... feel free to call me and I can clarify! Here to Serve... Deb :)
0 votes Thank Flag Link Thu Jan 30, 2014
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