Some lenders increase Debt-to-Income ratio to 60 percent
In an effort to find borrowers who can pay their mortgage loans and will not walk away or get foreclosed, the debt to income ratio has gone up to 60% with certain lenders. To qualify you must at the very least supply pay stabs and have credit score in 700-plus range. Minimum 20% down payment or existing home equity as well as not being located in declining real estate market are must haves. The previous high for debt ratio was 55%. Note that this is back ratio where debt includes all the monthly expenses.
Wed Apr 16, 2008 11:04AM | Copyright: www.bad-credit-advisor.com | More in Mortgage | Comments (0)
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