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gregcooney1 · Joined: 15 Oct 2009 Posts: 4 2.19 Dollars($)

im currently shopping around for a mortgage but the home i am looking would bring my dti to 58-60%. I have 20% for the downpayment and the money for the closing cost. Im also going to take out an additional 15k from my 401k inorder to have some money left over. Ive been at the same place of employment for three years my credit is a 780 and have zero additional debt. The home im looking at is in long island new york. Is a convention 30yr fixed rate possible

jenkin7 · Posted: Fri Oct 16, 2009 1:58 am Post subject:

Hi greg,

Your query has been discussed on the following page:
http://www.mortgagefit.com/homeloan/dti-ficoscore.html#128630 .

JKennedySLG · Posted: Fri Oct 16, 2009 8:42 am Post subject:

There is an FHA Program which will allow for a 60% DTI. With a down payment above the the minimum 3.5%, that would be considered a compensating factor. Based on the information given, you look like a prime candidate for this Product. I hope this helps...

jveenstra · Posted: Fri Oct 16, 2009 8:55 am Post subject: Debt Ratio

The automated underwriting is being updated the weekend of December 12, 2009 to allow for a maximum 45% total debt ratio for conventional and government loans with allowances for compensating factors up to a 50% total debt ratio.

If a mortgage for debt ratio over 50% exists right now, you better do it fast.

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60% dti is this posible