How does the debt to income ratio work? I live in NC, so would the rules be different? Thanks!
DjPiLL
Posted:
Member since
Re: For those of you who bought a house...
Debt/Income doesn't matter what state you travel in because your income is updated depending on where you live.
28% is usually max that any lender will give you. If you have excellent credit (over 720)... you might be able to get away with 31%.
princess23
Posted:
Member since
Re: For those of you who bought a house...
Conforming banks will usually give you b/w 40-45%, non-conforming banks will go to about 50%. But it all depends on the LTV (loan to value)
070502
Posted:
Member since
Re: For those of you who bought a house...
Where in NC are you? My parents just relocated to Morrisville.
I would just get in touch with a mortgage broker and they will be able to give you an estimate, that is what we did in Florida.
btrflygrl
Posted:
Member since
Re: For those of you who bought a house...
we are in te process of buying a house in GA...fM me if you need any help, I can try to explain. Debt to work ratio is pretty much the same anywhere....it's how much money you owe out versus what your income is and how the mortgage company sees how much 'excess' you have to add another payment in.
Melissa
Posted:
Member since
Re: For those of you who bought a house...
Thanks everyone!!!
070502... I live 2 minutes away from Morrisville. I live in Cary now. I lived in an apartment complex in Morrisville for about 2 years. My parents currently live in Morrisville. Did they buy a house there?
070502
Posted:
Member since
Re: For those of you who bought a house...
They rent an apartment (crosstimbers I think) they wanted nothing to do with a house once they sold the one on Long Island.
I'm trying to get them to head down to Florida by us in a few years but I doubt they will they seem to really like it. My mom just needs to find a job. You know anyone hiring a dental office manager, receptionist or insurance biller???
