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Questions like this are frustrating for me. Under current guidelines Fannie Mae and Freddie Mac allow a maximum of 28% for the front ratio and 36% for the back ratio. (28/36)
Where front end is just housing expense and back ratio is total debt of minimum payments plus future housing expenses. Does not take into consideration available credit-but your credit scores will reflect that information.
What makes it frustrating is that with compensating factors (Long Job history, higher amounts of liquid assets, number of older tradelines) I have seen approvals with ratios much higher than that, like 50% and more. So it is just going to be a trial and error type learning curve. I enjoy playing around with loans to see what can be changed to get an approval. With FHA it is easily possible to go over their stated limits when you know what to change when playing the "what if" game.
Charles
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