In this 'What to Know' series, we’ll cover debt-to-income ratio (DTI) and why your DTI is important when preparing to buy a home.
Most loan options require a DTI of less than 50%, and in some instances, we can go as high as 56.99%. However, remember that to qualify for a mortgage, lenders look at more than just your DTI. It’s important to prepare your full profile, which includes a down payment, housing expense ratio, and credit score.
By educating yourself on the important things to consider when thinking of buying a home, you’re now one step closer to homeownership! Whether now’s the time or not, we have available homes for purchase or lease! Contact us today to get in touch with one of our agents.