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Started By
Message
1
Posted on 1/22/14 at 2:13 pm to novabill
quote:
You can go to 50% pretty easy. Some lenders allow as high as 57%
is it conventional then that is around 38%
Posted on 1/22/14 at 2:18 pm to LSUengineer12
who did you apply with?
Posted on 1/22/14 at 2:18 pm to Lsut81
Well...I got approved. 
Posted on 1/22/14 at 3:12 pm to Lsut81
quote:
is it conventional then that is around 38%
Conventional is 45 max
They all have stated guidelines which are lower, but you can get approvals through the automated underwriting systems at higher numbers.
Posted on 1/22/14 at 4:11 pm to LSUengineer12
DTI can't be above 43% to be approved under the new guidelines so I have been told. They now include mortgage property taxes and insurance when figuring DTI now so I have been told.
Posted on 1/22/14 at 4:12 pm to LSUengineer12
quote:
Well...I got approved.
Grats!
Posted on 1/22/14 at 5:17 pm to lsufan1971
quote:
DTI can't be above 43% to be approved under the new guidelines so I have been told. They now include mortgage property taxes and insurance when figuring DTI now so I have been told.
PITI (principle, interest, taxes, insurances) have always been included.
If you have a DU or LP approval you can still go to the higher DTI limits.
Posted on 1/22/14 at 8:17 pm to novabill
quote:
If you have a DU or LP approval you can still go to the higher DTI limits.
Why would you underwrite a mortgage to someone with a DTI higher than 40%? Seems like a problem waiting to happen. I read somewhere that most of the new rules and regs don't apply to low income programs. If true that is ludicrous.
This post was edited on 1/22/14 at 8:18 pm
Posted on 1/22/14 at 10:12 pm to LSUengineer12
Perhaps I missed it, but what is your interest rate? Did you lock in?
Posted on 1/22/14 at 11:11 pm to LSUengineer12
You will be approved. Congrats!
Posted on 1/23/14 at 8:13 am to matthew25
It was simply a pre-approval. Still a ton of steps to go through because of it being a homepath renovation loan. Renovation bids, official offer, offer approval, loan with renovations factored in has to be approved, etc.
Was not told of a pre-approval rate.
Was not told of a pre-approval rate.
Posted on 1/23/14 at 10:56 am to LSUengineer12
Yes.
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