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This key figure is known as your DTI, and must fall under a certain number in order to qualify for a mortgage.
The maximum debt-to-income ratio will vary by mortgage lender, loan program, and investor, but the number generally ranges between 40-50%.
For example, back in the day many homeowners put down 20%.
Today, the down payments are often just 3-10%, to give you some perspective.
So if you made on average 0,000 gross (before taxes) each year for the past two years, that would equate to ,333 per month in income.
However, this measure is more conservative than what you might actually see in practice today.If you get an AUS approval, the maximum DTI ratio can be quite high.However, if it’s manually underwritten then the maximum debt-to-income ratio is 41% (back-end). Again, as with FHA loans, if you have compensating factors and the lender allows it, you can exceed the 41% threshold.To sum it up, if you can prove to the lender that you’re a stronger borrower than your high DTI ratio lets on, you might be able to get away with it.Just note that this risk appetite will vary by lender.