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Debt to income ratio

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dsaba Joined: 29 Dec 2009 Posts: 1 1.30 Dollars($)	Posted: Tue Dec 29, 2009 5:35 pm    Post subject: Debt to income ratio Like 0 Dislike 0 Do the laws in the state of Texas require/identify a maximum debt to income ratio for a mortgage lender to adhere to?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Dec 29, 2009 9:53 pm    Post subject: Like 0 Dislike 0 Hi dsaba! Welcome to forums! As far as I know, in the U.S., the conventional financing limits are 28/36 whereas the FHA limits are 31/43. For VA loan, the debt to income ratio limits are only calculated with a single DTI of 41. I don't think there are state wise specifications regarding debt to income ratio. Feel free to ask if you've further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Dec 29, 2009 10:19 pm    Post subject: Like 0 Dislike 0 there are no state regulations concerning debt ratios. these are established by the mortgage industry solely for their use. sussane, you do a disservice to our clientele if you provide answers like you did. i suggest you read a bit more carefully and be specific in your responses. "as far as i know" may be the best way for you to express your knowledge, but if that's the best you can do, you may want to do some additional homework before you begin providing vital information to those seeking it. this is not a slam - i am simply trying to improve the experience of visitors to this site by having us be a whole lot more accurate in our responses to questions. thank you. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
Darius Saba Guest	Posted: Wed Dec 30, 2009 5:36 am    Post subject: Max Debt to income ratio Like 0 Dislike 0 Sussane ...the limits you refer to are GSE guidelines. Most states have specific max DTI requirements for lenders, i.e., CA, CO, GA, IL, IN, KY, MA, NC, NY, OH, OK, PA, RI, SC, & TN. While California mandates a max DTI of 55% and IN at 41%, all other states above specify a max DTI of 50%...I was merely surprised that Texas, with as stringent of mortgage lending laws, did not specify that...thus my original question. Thank you Darius
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Dec 30, 2009 11:17 am    Post subject: Like 0 Dislike 0 i have originated and underwritten loans in several of the states you cited in your post, darius, and i have never been made aware of legislation that mandates specific maximum debt ratios. how did you happen upon this information? i'd like to do my own digging, now. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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