The deepest observed denial zone in 2025 FHA lending was PennyMac at DTI 36-38 and CLTV 100-105%, where 98.8% of applications were denied (n=249), per FinanceRateCalc analysis of CFPB HMDA loan-level records (310,592 FHA applications, 2018-2025).
Source: CFPB HMDA 2025 (1,217,297 decisioned FHA applications), processed by FinanceRateCalc · methodology · all statistics