How much can I borrow?
Well naturally a big part of that comes down to how much you earn, specifically your debt-to-income ratio (DTI).
Basically, we look at what percentage of your monthly income is required to meet ongoing expenses like rent, utilities, car payments and credit card bills. You know, all the really fun stuff.
Most lenders prefer that your DTI not exceed 36% but some FHA-approved lenders will go all the way up to 50% in some cases.
But seriously, you don’t really need to do all that math — we’ll do it all in 15 minutes using your real numbers so when you’re done, you’ll know precisely how much you can borrow.
Actually, you’ll have your answer AND a purchase-ready approval letter. So, when you go house shopping and you want to put an offer on a place, you can whip out your purchase-ready approval letter and the realtor and the seller will know you really mean business.
Basically, we look at what percentage of your monthly income is required to meet ongoing expenses like rent, utilities, car payments and credit card bills. You know, all the really fun stuff.
Most lenders prefer that your DTI not exceed 36% but some FHA-approved lenders will go all the way up to 50% in some cases.
But seriously, you don’t really need to do all that math — we’ll do it all in 15 minutes using your real numbers so when you’re done, you’ll know precisely how much you can borrow.
Actually, you’ll have your answer AND a purchase-ready approval letter. So, when you go house shopping and you want to put an offer on a place, you can whip out your purchase-ready approval letter and the realtor and the seller will know you really mean business.
Updated on: 16/08/2022