Posted on: 15th Jan, 2014 08:01 am
We are trying to get qualiyed for a mortgage,while we are selling our current home?our back end ratio is 21%and front end is 42%we hope to qu-our creatit is 700,we are moving to another state,and selling our current home,thank you may!
These ratios are fine - does it include the current mortgage? If not then you will have to sell before buying - if it does the only question will be employment - how is the job situation in the new state?
Brian
Brian
A debt ratio of 42 is OK.
Even higher debt ratios are possible, possibly up to 50% with FHA.
It is not possible for the front end ratio to be lower than the back end ratio. Maybe you just stated it backwards.
Even higher debt ratios are possible, possibly up to 50% with FHA.
It is not possible for the front end ratio to be lower than the back end ratio. Maybe you just stated it backwards.
