The lender considers your debt-to-income ratio,which is a comparison of your gross (pre-tax) income to housing and non-housingexpenses. Non-housing expenses include such long-term debts as car or studentloan payments, alimony, or child support. According to the FHA, monthlymortgage payments should be no more than 29% of gross income, while themortgage payment, combined with non-housing expenses, should total no more than41% of income. The lender also considers cash available for down payment andclosing costs, credit history, etc. when determining your maximum loan amount.
Equal Housing Opportunity -
Chicago Real Estate
©2008 All Rights Reserved -
Privacy Statement