My situation is out of the ordinary… Without going into too much detail, I am interested in getting a mortgage loan but my husband cannot be listed on it. The problem is that his salary is nearly twice what mine is. We have the income to pay a mortgage, but not to get approved for one.
I applied for a mortgage with QL a little over a year ago alone and got approved for what I would call a decent amount (considering my salary). I was told, at the time, that this was because QL allowed a DTI ratio of 55.9% on FHA loans (most lenders cap the DTI at 43% - so I was pleasantly surprised).
We did not end up purchasing at that time but I do plan to apply again next Spring - what are the chances that QL still allows a DTI ratio of 55.9% with excellent credit? Thanks!
Added (1). I should mention that the FHA's official website states that their maximum DTI is 43%… But it also said that last year when QL approved me at 55.9%.
Read more: What is the maximum DTI that Quicken Loans will allow on FHA loan?
