Posted by eleanor on February 13, 1999 at 15:18:52:
In Reply to: Debt ratio information posted by toad on February 02, 1999 at 19:13:36:
: I understand that most lenders utilize a 36% debt ratio to the gross income. Debt includes loans, property tax and home owners insurance. I was also told that some loan officers will increase the rate up to 40%. Is this true, and if so what will justify the increase to 40%. I want to buy the most house now so I am not moving again in the near future.
: Thank you very much for an responses that increase my knowledge of the subject.
I'm a mortgage broker in Florida and perhaps I can help. Each lender we work with can "bend the rules" on a case by case basis. My advice to you Toad, is to go to a mortgage broker for your loan and then if not satisfied ask why the debt ratio was denied at 40%.
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