Feb '23 in Tips For Qualifying
DTI Based on Monthly Payment Not Total Debt
One of the biggest mistakes that many people make when looking to qualify to buy a house is that they look at the total debt they have and think that automatically makes them not qualify.
The reality is that it is not the total debt but the monthly payment that impacts your DTI.
You may have a $30,000 car, but a 3 year term will have a very different payment than 5 year term.
Same goes for credit cards as well as student loans.
If you are not sure how much your debt is impacting your ability to purchase a house, please make sure to give us a call or contact us.
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DTI Based on Monthly Payment Not Total Debt
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