Tammie Mitchell’s Post

Name: How much you can afford? Ask us! #TammieMitchell #PHMLoans #ProsperityHomeMortgage | Tammie Mitchell posted on the topic | LinkedIn
Uploaded: 2024-05-23T18:15:44.922Z
Channel: Tammie Mitchell
Description: Curious about how much you can afford? Today, we’re exploring the factors that determine just that. Got questions? We’re here to help! Ask away! #TammieMitchell #PHMLoans #ProsperityHomeMortgage #LoanLadyTexas #Mortgage #TailoredMortgageSolutions #MoneyMatters #BudgetingTips #FinancialHealth #AskUsAnything

Tammie Mitchell

Tailored Mortgage Solutions | Helping Homebuyers Achieve Their Dreams | Branch Manager-Your Elite Home Team | CrossCountry Mortgage, LLC | Expert in FHA, VA, USDA, Jumbo and Conventional Loans. NMLSR#195705

4mo

Curious about how much you can afford? Today, we’re exploring the factors that determine just that. Got questions? We’re here to help! Ask away! #TammieMitchell #PHMLoans #ProsperityHomeMortgage #LoanLadyTexas #Mortgage #TailoredMortgageSolutions #MoneyMatters #BudgetingTips #FinancialHealth #AskUsAnything

Transcript

Hi, it's your loan lady and today's frequently asked question is how much can I afford? So what does a lender look at whenever they are trying to decide how much you can afford? We look at what's called your debt to income ratio, also known as ad TI. What we do is we take your gross monthly income, which that could be your bonus, it could be your base pay, it could be commissions averaged over two years, child support if you choose to use that as a source of income. Social Security disability income, VA income. So all of those go into your gross monthly income. And then we're looking at your outgoing debts, monthly payments on your credit cards, your maybe you have a current mortgage, maybe you have a personal loan, student loans and car payments and outgoing child support or maybe spousal support. So all of that we look at and we want your debt to income ratio to be a 43%. That's kind of a good guideline. Now, some loans will go above that 43%, but the 43 percent is where the baseline is that we like to see it. So we take all those debts and we figure out what percentage it is of your gross monthly income to come up with that debt to income ratio. So anyway, I hope that you find this helpful. Always feel free to reach out. We'll discuss what your debt to income ratio is. Have a great day.

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