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Your monthly costs should not exceed 29% of your gross monthly income for a FHA Loan. Total housing costs often lumped together are referred to as PITI.
P = Principal
I = Interest
T = Taxes
I = Insurance
Monthly Income x .29 = Maximum PITI $3,000 x .29 = $870 Maximum PITI
Your total monthly costs, or debt to income (DTI) adding PITI and long-term debt like car loans or credit cards, should not exceed 41% of your gross monthly income.
Monthly Income x .41 = Maximum Total Monthly Costs $3,000 x .41 = $1230 $1,230 total - $870 PITI = $360 Allowed for Monthly Long Term Debt
FHA Loan ratios are more lenient than a typical conventional loan.
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© 2019 American Pacific Mortgage Corporation (NMLS 1850). All information contained herein is for
informational purposes only and, while every effort has been made
to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate
all options or pricing structures. Rates, terms, programs and
underwriting policies subject to change without notice. This is not an offer to extend credit or
a commitment to lend. All loans subject to underwriting approval. Some
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Residential Mortgage Lending Act.