Quote:
Originally Posted by Marie T  Hodgini ~
Not sure I understand what you are saying above but I saw on another recent thread in here somewhere that Chase was using a 40% of gross income for all house expense - mortgage payment + interest + insurance + property taxes + HOA. Right now, we are at 58% for all house expense so if we could get it down to 40% we could breath again!!! |
The first Q is whether or not your loan is "conforming", i.e. FHA/VA compatible. Mine is not. I believe the Obama Plan allows for 31% DTI... Not sure WHICH debts are included in that number though. I think the number I was fed (41%) applies to Jumbo ("non-conforming") loans.
And yes, that DTI percentage number is some sort of an "all-inclusive" type of number, but excludes certain types of overhead, such as court ordered child/spousal support, garnishments, judgements, etc., I just can't fill in many other types since I am only privvy to my situation.
This is exactly why I posted in this thread, so others could fill in the gaps.
Anyone with more documentation or copious notes? Thanks!