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Qualifying for a mortgage: Debt to income

Today everyone is hearing the words DTI- Debt to Income.  What does this mean you ask?
This is a part of how the mortgage industry qualifies someone to see if they can afford the mortgage they are applying for.

How it works:
You divide your Monthly Gross Income (Gross Income is before taxes are taken out) by your new housing payment plus all installment/revolving and legal (child support/alimony) debts. You then take that result and multiple by 100 to get the DTI Ratio.

Example: If you make $60,000 a year that is $5000 a month.  If your new house payment is $1500 (this includes taxes, homeowners insurance and PMI if applicable) + $400 (car payments, credit card minimum payments) it would look like this:
$1900 / $5000 = .38 Multiple by 100 = 38%. (GOOD RATIO TO HAVE)

A good ratio to have to qualify for your standard mortgage with out any other factors being considered should be below 42%.  When you start going above that other factors could result in getting approved for the mortgage or not. 

The easiest way to see if you qualify is to give me a call at 888-331-6300 Ext. 566 and in about 10 minutes and going through your information I will be able to tell you what you qualify for to purchase or refinance a home.