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The "debt-to-income ratio" or "DTI ratio" as it’s known in the mortgage industry, is the way a bank or lender determines what you can afford in the way of a mortgage payment. By dividing all of your monthly liabilities (including the proposed housing payment) by your gross monthly income, they come up with a percentage.
To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out. For example, if you pay $1500 a month for your mortgage and another $100 a month.
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While credit scores are certainly important, what they often don't know is that another number, debt-to-income ratio (DTI), can play an even.
Debt to income ratio includes housing plus your other debts, and should really be under 36% or so; 43% is getting into the higher interest rate products that can be expensive. "Insurance" above means home insurances – including flood or other insurances taken out for your home -.
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How DTI is calculated. On the one hand, the math for calculating your DTI is simple – we add up what your monthly debt will be once you have your new home (such as student loans, car loans, credit card bills, and your future mortgage payment) and divide it by your gross monthly income (how much money you earn before taxes).
Answer: Now, only $250 is used when calculating your DTI (debt to income ratio) instead of the full $1,000 monthly mortgage payment. Just think. if the market rent is 25% higher than your mortgage payment, you can exclude the entire monthly mortgage payment when qualifying. This can mean the difference between qualifying for a loan or being denied.
Every loan program has specific dti requirements. Your debt-to-income ratio shows lenders if you can afford the mortgage or not. Every program has different thresholds. For instance, conventional loans have much stricter debt ratio requirements than FHA loans have. Regardless of the strictness of the rules, they help you and a lender realize.