The Debt-to-Income Ratio, also known as “DTI Ratio”, are simply a couple of percentage representing applicant debt compared to their total income. Lenders use mortgage debt-to-income ratio percentages to evaluate a borrowers ability to repay them as agreed. Maximum debt-to-income ratios may vary based upon the mortgage program and the lender. Read More
The debt-to-income ratio (DTI) is a percentage that’s commonly used to evaluate the income qualifications for mortgage applicants. The DTI ratio is calculated by dividing the applicant’s payments by their gross monthly income. There are commonly two debt to income ratio for mortgage programs used. Read More
For many consumers, homeownership is still an important financial and life milestone. Buying a home, however, requires a great deal of capital. Most of us can’t pay for a home in cash. Read More
If you’re self-employed, getting approved for a mortgage is more complicated than getting approved with a traditional job paying W-2 income. There are usually few key differences that self-employed applicants should prepare for in advance to make the process smoother. Read More
So who qualifies for a VA home loan? Odds are you do if you’re a military veteran or spouse with reliable income and decent credit. VA loan requirements have four general areas used to determine applicant eligibility: Read More
The average mortgage payment is often one of your biggest expenses, consuming more than 30% of your monthly household income depending on your debt to income ratio. Read More
Mortgage applications fell 7.2 percent last week to reach their lowest level in over 14 years, according to the Mortgage Bankers Association. Figures this low in September likely indicate it’s going to be a long, cold, rough winter for housing. Read More
Since the housing crisis of 2008, the phrase “subprime loan” has become the moral equivalent of a four-letter word, an indication of all that goes wrong when risky, irresponsible home loans for bad credit become commonplace. Read More
Saving thousands of dollars for a house down payment can seem like a gargantuan task. But as you get settled in your career and your finances stabilize, accumulating cash is easier than you might think. Read More
If you have been denied a mortgage or mortgage preapproval, you are not alone. The Wall Street Journal’s MarketWatch reported that 11-33% of applicants were rejected by the 10 largest mortgage lenders in 2012. Read More
