If you are over 45% DTI on a VA loan and need two compensating factors, does your ending Residual income need to be over 150% of the base residual income?
Ex. I live in GA. The base residual income for a family of 3 is $889. So 150% of $889 is $1333.50.
I was under the understanding that it was 120% if over the 41% DTI. I have not heard of the 150% until today when my preapproval came back way under what my original pre qualification came back at. My LO is not in this week, and I have been working with his assistant. It just threw me for a loop when the preapproval came back 15% lower than what my LO originally told me.
I can not find anything in searching Google that says the 150%.
