DEBT-TO-INCOME RATIO You may have heard of this term when applying for a loan; …
DEBT-TO-INCOME RATIO You may have heard of this term when applying for a loan; what does it mean? Debt-to-Income ratio is a comparison of monthly debts to monthly income this is a major factor lenders consider when underwriting a loan. Lenders like to see the ratio at or below 43% but loans have been approved up to 50%. Example: Let's say you are salaried and gross $4000 per month; Lenders use your gross wages not take home for calculating the ratio. Assume your proposed house payment is
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