Asked by jefplusf, Las Vegas, NV • Sat Feb 23, 2013
My brother and I bought a house together in 2009 with an FHA Loan. Fastforward almost 4 years later and he has since gotten married and now has 2 kids. Im ok with it, but it's not an ideal situation for a 23 year old. According to HUD, if you're vacating a jointly owned property, you can qualify for a second FHA Loan. My question is, will I qualify for a loan based on a debt to income ratio of the full mortgage for the first house and the second house, or would I be exempt from the debt of the first house? Ill be putting down 3.5% and looking for something $100,000-$150,000.
Some rough figures I did in Excel.
1. Front End DTI(New mortgage ~$1000 divided by gross monthly): 20.6%
2a. Back End DTI(Old mortgage new mortgage auto divided by gross):49.59%
2b. Back End DTI(New mortgage auto divided by gross): 26.87%
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