Buying a house and consolidating debt


03-Feb-2018 23:52

It’s a ratio of debt-to-income, and a crucial standard for deciding who qualifies for a loan and who doesn’t.In reviewing loan applications, lenders compute the ratio of a person’s debt relative to income.For example: If monthly mortgage payment, insurance, taxes and fees equals ,000 and monthly and income equals ,000, the front-end ratio would be 30% (2,000 divided by 6,000).Lenders would like see the front-end ratio of 28% or less for conventional loans and 31% or less for FHA loans.Put another way, the ratio is a percent of your income that is pre-promised to debt payments.If your ratio is 40%, that means you have pre-promised 40% of your future income to pay debts.

For most people, attacking debt is the easier of the two solutions. The list should include credit-card debts, car loans, mortgage- and home-equity loans, homeowners’ association fees, property taxes and expenses like internet, cable and gym memberships. With nonprofit debt management, you can consolidate your debt payments with a high debt-to-income ratio because you are not taking out a new loan.The debt-to-income ratio surprises a lot of loan applicants who always thought of themselves as good money managers.



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