2020 Updated Debt To Income Ratio Guidelines On Home Mortgages

Published on December 16, 2020

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1. What are compensating factors

  • Compensation factors are very important when it comes to manual insurance. The following factors are considered to be compensating factors in the manual underwriting of FHA loans:

  • Low payment shock of 5% or less or no more than $ 100 on the amount the borrower was paying for the rent and the new home installment

  • Provisions for three months or more are considered offsetting factors
  • Having a second job and/or other qualifying income for at least one year that is not used to obtain a home mortgage
  • The habit of saving money and reserves
  • Advance payment greater than the minimum required advance 3.5%
  • Longevity in the same position and/or in the same field and regular periodic promotions and/or wage increases

  • FHA and VA loans are the only two mortgage programs that allow manual insurance. Both the VA and FHA have similar mortgage guidelines when it comes to manual coverage with respect to the debt-to-income ratio limits. The VA is milder on the debt-to-income ratio of manually guaranteed loans. Thanks to compensating factors, we can raise the maximum debt-to-income ratio to 55% on VA loans.

  1. USDA debt-to-income ratio guidelines
  • Lenders offer 100% USDA financing backed by the USDA Government. USDA loans are limited to areas where the USDA classifies an area eligible for USDA loans.

  • There are limits to the maximum household income

  • The maximum debt-to-income ratio at the baseline is 29% and the maximum debt-to-income ratio at the back office level is 41%
  • USDA Loans is a very popular loan program in rural areas that allows home buyers to purchase a home without the required down payment

  • USDA loans are very popular in southern and western states with rural areas.

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