To qualify for a home-mortgage, all of the online calculators provide a "conservative" estimate (28/36 debt to income ratios) and an "aggressive" estimate (with higher d/i ratios). Is it safe to assume in this present sub-prime meltdown that I will not be approved for any more than the "conservative" estimate? Basically, its the higher ratio thats limiting me at the moment (the 36%) and I’m wondering if a bank will let it go any higher…
Well, I know my credit rating is somewhere > 700. But I only want to put 5% down. I am a first-time homebuyer.
Are banks only using 28/36 debt/income ratios now?
One Response to Are banks only using 28/36 debt/income ratios now?
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yes they will. The better the credit the higher the dti can be and get an approval. 45% total is probably maxing out though