have a high DTI at 54% but credit score is 796. what are my chances

Your credit score is good, so no problems there, but the DTI is high.. my question is how did you come up with it? If you did it yourself, then you could be calculating it incorrectly.. lenders look at the Housing payment, and the minimum payments for all your DEBT to calculate DTI. If you owe $4000 on a credit card, and you pay $300 per month, but the credit card MINIMUM payment is only $40, the lender will use $40 for DTI calculations.. Credit cards are DEBT, utility payments are not DEBT, they are expenses.. so those monthly costs are not calculated into your ratios. For this reason, I would advise you let a professional calculate your DTI. FHA allows for higher DTI's, and some as high as 55%, but you will be paying a very high mortgage insurance premium.. VA will allow you to go with a higher DTI, but not as high as 54%.. the best advice I can give you would be to contact a LOCAL mortgage broker. Sit down them him and let them look at your complete scenario.. since they are experienced in helping borrowers qualify, they can advise you as to what steps are necessary to lower it to an acceptable level. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

I would need to take a look to see what you are counting towards your DTI. With the new rules that just took effect, we would not be able to go that high, but maybe the DTI can be reduced by not having to account for something you are counting.Bruce Dawson

As long you have an Approved-Eligible through Desktop Underwriting, we can help you. If the findings come back as a refer/eligible, then the dti is limited to 41%.

More information would definitely be helpful, particularly if you calculated your DTI on your own (it was not done by a mortgage lender). If you are eligible for a VA loan I can go as high as 55% as long as the "computer" approves your loan and all the application details work out. Otherwise, you'll likely be limited to a maximum of 45% or less depending on the specifics of your application and other qualifications.

You really need to let a qualified mortgage lender work through those questions, we're on YOUR side and will do everything we can to get you approved.

Let's calculate your debt to income ratio and then discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been in the mortgage business since 1989. I am happy to answer your VA mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803