We’re about to go into underwriting for an FHA loan within the next day or so. I’ve been estimating our DTI to determine if we fall within the guidelines. We currently live in my husband’s bachelor pad, but we plan on selling it. Without the loft’s mortgage and HOA fee, our DTI is 35%. Including it makes our DTI 44%.
How does the home buying process work if you already own a home, but will not be keeping both homes? Would we need to sell our current home first in order to be qualified? Or will they take into consideration that we will be selling?
I’m also basing my calculations on using just my full-time salary. I’ve also been working an hourly contract position since November 2015, but I wasn’t sure if I could count that money since I’m a contractor and not a permanent employee. If I can count that, it would give us a bit more wiggle room to account for our current mortgage until we do sell it.