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.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Sterling Mortgage Services
CA BROKER NMLS
Company NMLS: 1460556 | CalBRE ID: 01376997
Licensed Only In: CA
Sterling Mortgage Services
Folsom, CA 95630
Phone: (855) 870-7334
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