Posted on: 16th Oct, 2010 07:23 pm
I am looking to purchase a new home with an fha loan and have been prequalified by a lender with a debt to income ratio of 48%. I do have a residence that I am living in for sale and would be moving into the new home as my primary residence. Is it true that sometimes fha will allow higher debt to income ratios - he is telling me that he recently qualified someone with 51% dti.
As far as I know, unless a borrower has the required debt to income ratio, he or she won't be able to get a mortgage.
Hi Beckyt,
It is possible as long as you have an approval through an AUS or automated underwriting system AND you're working with a lender that does not have their own internal cap.
For example: I recently had client who applied for a VA mortgage with Wells Fargo and was denied due to a 60+% ratio. I was able to approve and close his loan because my investor follows the AUS approval/findings.
It is possible as long as you have an approval through an AUS or automated underwriting system AND you're working with a lender that does not have their own internal cap.
For example: I recently had client who applied for a VA mortgage with Wells Fargo and was denied due to a 60+% ratio. I was able to approve and close his loan because my investor follows the AUS approval/findings.