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.
At Pacific Mortgage loans Inc., we've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 342935
Company DRE: 01400742
Pacific Mortgage Loans, Inc.
3455 Ingraham Street
San Diego, CA 92109
Office (858) 228-5060
Direct: (858) 220-9039
Pacific Mortgage strives to ensure that its services are accessible to people with disabilities. Pacific Mortgage has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Pacific Mortgage makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows MikeTheLoanGuy.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Pacific Mortgage accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Pacific Mortgage continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Pacific Mortgage website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Pacific Mortgage website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: Mike@MikeTheLoanGuy.com