Hi guys. We are in the final stage of our home buying, waiting for underwriting to come back. I am concerned about our DTI. We had given our loan officer all of our monthly expenses during the pre approval, but I’m just now calculating our DTI myself and we are at 46% I believe.
Is getting approved above 43% common?
Factors that may help: -employed with a PharmD degree (DTI is high from pharmacy school) -credit score of 640 (not high but higher than minimum) -mortgage won’t be much higher than previous rent was (going from $1350 to $1600)
I would love to hear examples of or reasons why a borrower would be approved at over 43%. Thank you in advance!