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What does my DTI ratio need to be to be approved for a loan?

by jyhv8787 from Portland, Connecticut. 25 days ago Reply


FHA will generally allow up to 55% or so. Conventional is up to 50%. There are some other options as well depending on your situation.If you would like help with this or have any other questions you are welcome to reach out to me at 203-299-2034 or via email at: gpomeroy@boemortgage.com. You can also visit my website at: www.thehomeloanspecialist.com

25 days ago
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Also just to you know my office is in Branford, Connecticut. You can also look us up on the BBB at: https://www.bbb.org/connecticut/business-reviews/mortgage-bankers/bank-of-england-mortgage-connecticut-in-branford-ct-87126181

25 days ago
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Nikitas Kouimanis (MrMortgage)
#1 ranked lender in New York - 110 contributions

Depends on what your credit score is if it is above 620 you can get what's called an AUS approval on FHA to ratios of Front End of 46.99% and Back end of 56.99% if it's below 620 dtil will be less but we can still lend down to a 580 credit score just lower dti.

24 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

It depends on the loan product you are applying for, what your credit scores, what other compensating factors you might have, etc.. Also, when calculating your DTI.. it's important to let a professional do the calculation.. most folks don't calculate it correctly, and will usually come up with a DTI that's higher than actual. We have to include all payments on all debts... but we do not count your "Bills".. like cell phone, car insurance etc.. those items are always ignored.. For FHA.. the highest is 57%.. for Conventional, it's 50%.. But there are other programs which have benefits of zero down, but you can only go as high as 43% to 45%.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

22 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

Sorry, not enough information, as the answer varies greatly based on a ton of different variables. The best way to answer that question is for you to simple apply with a local mortgage broker. Let them review your personal situation to zero in on what programs and options are available to you. For this situation in MN, WI, or SD, visit me at www.JoeMetzler.com or (651) 552-3681

20 days ago
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