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My net income is 4,000 per month(that is net and i pay my taxes at the end of the year instead of every paycheck) What can my maximum PITI Montgomery be? I have no car payment, no student loans, no balance on credit cards. I've heard 28% DTI is what my payments should be, but since i have no other debt do you think any lender would let me go as high as 40%? What about with a silent second (for those of you that know what that is.) would that be considered in my DTI when buying a house?
1) DTI is calculated against gross income, not net. 2) Generally, you should be able to find a lender that will give you a loan at a DTI ratio equal to 32% of your gross income, up to as high as 38% if there are no other debts. Assuming gross income of about $5,000 per month, that means you should qualify for a PITI payment of about $1,600, up to as high as $1,900. Some lenders will go 40% or higher, but it usually applies to very high income borrowers who have more discretionary income, and even if they allowed it I wouldn' recommed it at your income level. Being "qualified" for a loan doesn't necessarily mean you can "afford" it. 3) Yes, a silent second would be considered in total debt. But if there are no payments on the second and the principal is just paid off upon the sale of the property, then it won't affect your DTI. However, even if payments are interest-only, it'll give you a more flexibility than a traditional P&I payment on a second. Hope that helps - good luck.
I'm not sure how you are paying your taxes only one time a year. If you are a w-2 employee, then you MUST have taxes taken out of your check each period, or the IRS will fine you. If you are self employeed, then you MUST pay your taxes each quarter! In regards to your question. You shouldn't send more then 28% of your GROSS INCOME on your PITI/MI. Yes, your lender can get up to 40% of your gross income. However, this is trouble because your cash flow each month makes it likely that you will not be saving. I strongly suggest that you don't become house poor. Go with 28% and save at LEAST 10% each month. Pay yourself first. In regards to a silent 2nd. Your lender will want to know where the funds are coming from to buy the house. And you will NEED to report this loan or it's fraud. If you net $4000 a month, this means that you make around $60k a year or $5k a month, gross. I wouldn't have more then a $190,000 mortgage - based on a 30 year fixed rate at 6%.
Some will go higher but, why would you want to put yourself in that jeopardy? There is a good reason for the guidelines. It is as much to rpotect your intersts as theirs they learned a long time ago to put that much at risk is hard on their clients (you) and there is no good reason to do it. what if you lose the job someday and have to scramble to make a payment at a much lower rate of income!? See the problem?