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How To Calculate Debt To Income Ratio For Mortgage

As a general rule of thumb a back end ratio of 36% or below is considered highly desirable, though lenders may allow higher levels for borrowers with strong profiles. Debt-to-income Mortgage Loan Limits for 2018. Generally speaking, for most borrowers, the back-end ratio is typically more important than the front-end ratio.

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The debt-to-income ratio is a comparison of your monthly debt obligations to your gross monthly income. While lenders will use your DTI to evaluate you as a potential borrower, you can also use this ratio to evaluate your own financial health and assess whether you can afford to borrow more.

When you apply for a mortgage or any other type of loan, the lender calculates your future debt to income ratio. The sweet spot for approval is a ratio of 41% or less. Keep in mind that the underwriter assesses your future debt ratio, not the one you have right now.

Mortgage lenders use your debt-to-income ratio (DTI) ratio to determine how much of a loan you qualify for. To calculate your DTI, take your total monthly.

It can also help you to obtain a clearer view of your financial situation. A debt ratio of 35% or less is generally preferred by lenders, but this can vary. Here are some steps to help you calculate your DTI: 1. Know the formula Your debt-to-income ratio is your total monthly debt – divided by your gross income – which is then expressed as a percentage. A. Total: All monthly debt payments ÷ B. Gross monthly.

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Your debt-to-income ratio (DTI) is a percentage that tells lenders how much money you spend versus how much money you have coming into your household.

Under new mortgage laws that became effective January 10, the maximum debt-to-income ratio for "qualified" mortgage loans is 43 percent. Things to Keep in Mind. Mortgage approval requirements vary between loan programs and from lender to lender. If your debt-to-income ratio doesn’t work with one lender, try another.

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The mortgage borrower should have the debt-to-income ratio of 28/36 in order to qualify for a mortgage. For example, your yearly gross income = $48,000. Divided by 12 gives your monthly gross income which is $4000 per month. $4000 Monthly Income x .28 = $1120 allowed for housing expense.