A couple of FHA "household income" and DTI questions…

I have a couple of specific questions about income/household income for an FHA loan.  We are not in a community property state. 

 

I’ll preface by saying that I have done quite a bit of searching/reading on here, but am confused about income that is considered and what household income has to do with a loan if only one spouse is applying.

 

1. If DH and I decide to only apply under DH’s name, how is our household income calculated?  Is only his income considered?  Would my income ever be brought up/considered if I’m not on the loan?

 

2. I have seen mention on here about lenders calculating income that can be borrowoed against as the median of the past 2 years – is that true?  How does OT/bonus calculate into that?

 

3. How is our DTI ratio calculated? Is only DH’s debt counted?  Is my debt considered as well?  Is my income considered in the DTI ratio (if I’m not on the loan)? 

 

4. Also, can someone remind me again what debt is considered in DTI ratio?  Is it only revolving accounts (vehicle, CC, studen loan)?  Is DTI calculated by gross income

 

5.  What is the max DTI when including the mortgage payment/insurance?

 

Specifically, we’re looking at his gross income of $48k/year with $575 monthly debt (this does not count my bread-winner income or my debt).  Looking at homes in the $115 – $135,000 range.

 

 

Thanks in advance!

Edited to add:  I did find some explainations on front-end and back-end DTI ratios, which helped quite a bit.  The ratios I found were 29% for front-end and 41% for back-end – does that sound right?
Message Edited by wvasweetness on 02-08-2010 07:15 PM