Standard Debt To Income Ratio

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Randy Poole
Broker In Charge
843-693-8333
randy@beaconsc.com

Jeff McIlhenny
Owner, Broker
843-452-2953
jeffm@beaconsc.com

Standard Debt To Income Ratio

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What Is The Standard Debt-to-Income (DTI) Ratio?

Debt-to-income ratio is the ratio of your monthly debt payments vs. your gross income. It is a key determining factor in qualifying for a mortgage home loan.

A standard ratio used by lenders limits the mortgage payment to 28 percent of the borrower's gross income and the mortgage payment, combined with all other debts, to 36 percent of the total.

The fact that some loan applicants are accustomed to spending 40 percent of their monthly income on rent -- and still promptly make the payment each time -- has prompted some lenders to broaden their acceptable mortgage payment amount when considered as a percentage of the applicant's income.

Ready to talk to a loan officer about pre approval?

Last Updated ( Tuesday, 17 November 2009 )

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