debt to income: FHA Changes 9/14/15 - are you still approved?
- 09/23/15 11:13 PM
FHA made some substantial changes to the underwriting guidelines that went into effect with FHA Case Numbers assigned after 9/14/15. If you are a buyer that is "pre-qualified or pre-approved", now is the time to confirm with your Mortgage Loan Originator that you are still pre-qualified or pre-approved if you have not yet made your purchase. The biggest change that will impact these pre-qualification for most first time home buyers is the position regarding student loans. Now, regardless of deferment, the payment must be included in the debt to income ratio (DTI). If no payment is listed on the credit report, an estimated payment … (3 comments)
Have you every heard the expression, “That is a loaded question!” If every there was one, that is it.
How much you can qualify for will depend on the property type, meaning is the application for a primary residence, second home or investment property?
It will also depend on the type of financing program you decide on, is it conventional, FHA, VA, USDA or Jumbo.
In addition, the total amount of any other outstanding liabilities including any child support or … (6 comments)
debt to income: Buying a Georgia Home in 2012? Ratios
- 01/06/12 11:26 AM
This is your year. This is the year you are going to buy that home. Here is additional information that will help you prepare for your purchase. There are two terms that you will hear frequently during the process. The first is the housing ratio. Your housing expense should account for approximately 30% of your gross monthly income. Now, let’s put that into a specific example. If your monthly income is $3000 a month, your housing payment should not exceed more than $1000. In the mortgage qualifying process, the housing payment will include the principal and interest payments, 1/12 … (0 comments)
FHA made some substantial changes to the underwriting guidelines that went into effect with FHA Case Numbers assigned after 9/14/15. If you are a buyer that is "pre-qualified or pre-approved", now is the time to confirm with your Mortgage Loan Originator that you are still pre-qualified or pre-approved if you have not yet made your purchase.
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