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85298 : Real Estate Advice

  • All5
  • Local Info0
  • Home Buying1
  • Home Selling0
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Activity 4
Wed May 11, 2016
Hdjburns123 asked:
When we contacted them about the problem and that termites and roach's were coming up through the foundation cracks, they stated they made a corporate decision NOT to honor any more foundation…
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Fri Mar 20, 2015
Jennie Miller, Pllc answered:
Have you found a home? Are you willing to put down a larger security deposit given the recent eviction?
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Mon Jul 14, 2014
Gordon Hageman answered:
You have provided a ton of great information.

I would recommend speaking with a reputable local mortgage lender.

They will be able give you solid advice as to what "to do" and what "not to do" to get you to a point where you want to be.

I would be happy to help you.
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Sun Jan 13, 2013
Shane Milne answered:
Funindasun - not sure where you read about 29/41% ratios. On a manual underwrite (the most strict type of underwriting review for an FHA loan) ratios are expected to be no more than 31% for the housing portion & 43% for the total debt ratio. However with the use of automated underwriting (which every loan officer utilizes first) housing ratios up to 44.99% & total debt ratios up to 56.99% can qualify with some compensating factors - i.e. decent credit & usually 2 months of PITI reserves.

Your loan officer would run FHA TOTAL (FHA's automated underwriting) with your numbers and if an "Approve/Eligible" response comes back then that means those debt ratios can qualify. Some lenders have "overlay" guidelines on top of those debt ratios though, which would limit the debt ratio that they would approve, so even though FHA TOTAL may approve a 56.99% total debt ratio the overlay guidelines may prohibit anything higher than 50% or 55%, etc. Best plan of attack is to go over your income with a loan officer so your debt to income ratios can be calculated without the rental income.

The guidelines that Bill posted are what all FHA lenders need to follow when they are trying to count rental income from your departing residence.

Shane Milne | Lending in all 50 states | NMLS #81195
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