Posted on: 12th Jul, 2009 02:05 am
I was pre approved for a FHA loan for 285000. The Mortgage broker said I was at 37 pct debt to income ratio. after getting a GFE I added it up and its 43 pct. ?????. I went on FHA.gov and the numbers are still high? any idea how they do it.?
refer "http://www.mortgagefit.com/calculators/diratio.html" for calculating your Debt to Income Ratio.
note that it should be as low as possible as It is the percentage of a person's monthly income that goes towards payment of debts like mortgage loan and car loan, child support and alimony, credit card bills, student loans, and other types of credit.
Therefore if they are stating 37 against 43 as calculated by you, you need not to worry.
note that it should be as low as possible as It is the percentage of a person's monthly income that goes towards payment of debts like mortgage loan and car loan, child support and alimony, credit card bills, student loans, and other types of credit.
Therefore if they are stating 37 against 43 as calculated by you, you need not to worry.
In one liner I will sugget you to go through the link provided by Robertsmith
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Welcoem to the forum
It is the total recurrign debt / Total income
Good luck and feel free to ask
Welcoem to the forum
It is the total recurrign debt / Total income
Good luck and feel free to ask