Bill signed - what does it mean?

[Mike]

It is probably premature to ask the mortgage pro's how this will play out. The qualifications seem straigh forward but I have never looked at an FHA loan and I have a couple of questions.1) The rules stipulate that housing costs need to exceed 35% of gross income. Does the FHA measure this as PITI or do they calculate additional costs into this figure?2) Again, with the 35% cap.... Is that based on the current PI or is it calculated on the rate that the note could go to?With the help of this forum I got a two year modification to my First Franklin mortgage. My current PITI is 29% of my gross income. If the note went to it's full rate my PITI would be a whopping 41%. The principal on my note is $325,000 and the home is worth $225-$250k.Any thoughts on the bailout bill would be appreciated. If these are premature questions I will post my questions again closer to October1.