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What is the highest debt to income ratio you can have and still get approved?
Wiki User
∙ 14y ago
What Day & Time Is It?? Mortgage lenders are changing their rules like the wind on todays market. In a practical world the answer is 25% of net income or 30% of debt obligation exceeding 10 months against gross income. Less than 10 month obligations [which can usually be paid off] won't count as debt obligation. Cautionary statement: Lenders are responsible for the mess we are in and may make up new rules as they go along!! Consider that 18 or so months ago you could have gotten a no document - liar loan in your dogs name..
Wiki User
∙ 14y ago
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Who has the highest gross national income?
The USA still as the highest national income of any country in the world.
What is the highest debt to income ratio you can have and still get approved for a mortgage?
Typically 50% Debt to Income ratio. Some lenders will let you go higher. For example I have gotten customers approved with a DTI ratio of 124%, but the customer had over 500K in retirement funds and a medium credit score of 803 and the Loan to Value was only 60%. A lot of different factors go into providing an approval to a customer. What I would recommend is to call your local bank and see if you can do a free pre-approval to see if they can get you approved based on your particular situation. The original question pertains to DTI ratios for mortgages. The standard "front ratio" is 28 percent. To calculate the front ratio, divide the total payment (principal, interest, insurance, and taxes) by your gross monthly income. If it's over 28 percent, you may not be eligible for conventional mortgages. The standard "back ratio" is 36 percent. To calculate the back ratio, add up all your monthly debt -- mortgage payment, credit cards, school loans, car payments, etc. -- and divide that by your gross monthly salary. If that is more than 36 percent, that may also disqualify you.
Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?
As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)
How much time i need on military active duty to be approved for a home loan?
90 days... if you are on current active duty. 180 days if you were discharged. You can write to the VA for your Certificate of eligibility and they will determine if your time in service is enough...if you were in the National guard , the time of service is longer. Even though you have a certificate of eligibility from VA that does not automatically guarantee you can get a VA loan. You still have to have income , assets,credit and debt to income ratio's that meet the current VA guidelines. They also require residual income based on the number of people in your household.
Will a cosigner be approved if they still owe money on a car?
It depends on the amount of their income- whether they can afford to pay both loans. A co-signer will be required to pay if the primary borrower defaults on the loan.
Who has the highest gross national income?
The USA still as the highest national income of any country in the world.
What is the highest debt to income ratio you can have and still get approved for a mortgage?
Typically 50% Debt to Income ratio. Some lenders will let you go higher. For example I have gotten customers approved with a DTI ratio of 124%, but the customer had over 500K in retirement funds and a medium credit score of 803 and the Loan to Value was only 60%. A lot of different factors go into providing an approval to a customer. What I would recommend is to call your local bank and see if you can do a free pre-approval to see if they can get you approved based on your particular situation. The original question pertains to DTI ratios for mortgages. The standard "front ratio" is 28 percent. To calculate the front ratio, divide the total payment (principal, interest, insurance, and taxes) by your gross monthly income. If it's over 28 percent, you may not be eligible for conventional mortgages. The standard "back ratio" is 36 percent. To calculate the back ratio, add up all your monthly debt -- mortgage payment, credit cards, school loans, car payments, etc. -- and divide that by your gross monthly salary. If that is more than 36 percent, that may also disqualify you.
If someone were to take over my car note still in my name would there be any type of way that my debt to income ratio not reflect the car note?
If your name will still be on the note, then your debt to income ration will still reflect on the car note. There is no way around this is you will still be a signer on the note.
Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?
As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)
How much time i need on military active duty to be approved for a home loan?
90 days... if you are on current active duty. 180 days if you were discharged. You can write to the VA for your Certificate of eligibility and they will determine if your time in service is enough...if you were in the National guard , the time of service is longer. Even though you have a certificate of eligibility from VA that does not automatically guarantee you can get a VA loan. You still have to have income , assets,credit and debt to income ratio's that meet the current VA guidelines. They also require residual income based on the number of people in your household.
Would you be able to rent an apartment without a job?
It depends on your financial situation. Without a job it will definitely be harder, but if you have a source of income other than a job, then you can still probably get approved for an apartment. Sometimes, even if you don't have a source of income you can get approved for housing through applying for government help through the welfare program or other programs focused on the homeless.
Will a cosigner be approved if they still owe money on a car?
It depends on the amount of their income- whether they can afford to pay both loans. A co-signer will be required to pay if the primary borrower defaults on the loan.
In bankructy can you still file income tax?
In bankrupcty you MUST still file income tax
Can you still get a refund with no income?
No
If you have an On the Record hearibg for SSDI and your case is approved do you still have to attend a court hearing?
Yes. you still need to attend court hearing even though your case is approved.
Is Mount Everest still the highest mountain in the world?
Yes, Mount Everest is still the highest mountain in the world.
If you have 3 children but no income for over a year Can you still file for taxes?
Yes you could still file a 1040 federal income tax return but if you do not meet the MUST FILE A INCOME TAX RETURN and you do NOT have any income.
