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My wife and I are currently waiting on our final approval from Bank of America on our first home and I am concerned about our debt to income ratio. We are getting a 30 year fixed FHA loan, and the way boa works is you get pre-qualified, find a house, apply, get conditionally approved, and finally get final approval and close. We are at the conditional approval stage, but I am nervous like I said bc of our dti. FHA guidlines are 31/43ish I believe and we are below the 31 easy no matter what, but depending on how they figure taxes, and the total house payment, plus what student loans that my wife doesn't have to pay back(she's a teacher) they include in the ratio our second ratio could be anywhere from 40-47%. My question is...Would we be able to get the house at 47%? Is it possible to get an FHA loan with 47% dti?I'm not sure how my bank works, but my hope is that the conditional approval is a good sign.

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi baseballplyrj,

The debt to income ratio in order to qualify for a FHA loan is 31/43. You will have to meet this criteria in order to qualify for a FHA loan. If your debt to income ratio is greater than this, then you won't be able to get a FHA loan. Though the lender has given you a conditional approval, he may not give you the final approval if you don't meet the required criteria.

Take care.

Like | Dislike | Share | Posted: Fri, 04/30/2010 - 02:57

jburke's picture
jburke | Joined: March 9, 2010 02:26 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Baseballplyrj,

The FHA guideline of 31/43 ratios is only a guideline not a set in stone requirement, I've had FHA loans approved at 53%+.

The one thing that may be an issue is if your lender has their own set limit on the debt ratios.

Like | Dislike | Share | Posted: Mon, 05/03/2010 - 13:55

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