{"id":145,"date":"2018-10-15T12:00:10","date_gmt":"2018-10-15T19:00:10","guid":{"rendered":"https:\/\/www.santiagofinancial.com\/blog\/?p=145"},"modified":"2020-10-20T00:20:13","modified_gmt":"2020-10-20T07:20:13","slug":"debt-and-housing-ratios-how-do-they-affect-your-loan-2","status":"publish","type":"post","link":"https:\/\/www.santiagofinancial.com\/es\/ratios-de-deuda-y-vivienda-como-afectan-a-su-prestamo-2\/","title":{"rendered":"Ratios de deuda y vivienda: \u00bfc\u00f3mo afectan a su pr\u00e9stamo?"},"content":{"rendered":"<p><strong>Debt-to-Income Ratio (Overall Debt Ratios)<\/strong><\/p>\n<p>Just as important as the Housing or front-end ratio is the debt-to-income ratio or DTI. This is the amount of your gross monthly income that goes toward paying all debts considered in a loan.\u00a0Lenders consider 42-48% the golden range for DTI. Lenders will want to see lower DTI&#8217;s, but by using disposable income we can sometimes stretch these ratios over the 48%.<\/p>\n<p>DTI can be calculated using the three factors from above and the addition of a fourth:<\/p>\n<ul>\n<li>Monthly home payment<\/li>\n<li>Monthly space rent<\/li>\n<li><strong>Monthly debt payments (car payments, mortgage payments,\u00a0revolving credit, etc.)<\/strong><\/li>\n<li>Gross monthly income<\/li>\n<\/ul>\n<p>Your monthly debt payments are all added into one number and used in a similar equation. Let&#8217;s use the same numbers as before\u00a0and make your monthly debt payment $350.\u00a0\u00a0Again, all you need to do is add, then divide to\u00a0get your DTI. The equation looks like this:<\/p>\n<p>DTI (43%)\u00a0= ($720 + $800 + $350) \u00f7 $4,350<\/p>\n<p>Again, you can use the same equation in the diagram above to see how much income or debt\u00a0you would need qualify for the range of DTI ratios.<\/p>\n<p><strong>Why are debt &amp;\u00a0housing ratios considered?<\/strong><\/p>\n<p>As previously mentioned, housing and debt ratios are considered important to lenders because it shows how\u00a0likely the borrower can\u00a0make a loan payment. Borrowers with high DTI and housing ratios are more likely to be denied by lenders because of the possibility of the borrower defaulting on payments.<\/p>\n<p>Calculating the ratios\u00a0\u00a0using the equations above can give you a good idea in advance if you qualify.\u00a0\u00a0We do have our disposable income program which may allow for higher overall debt and housing ratios<\/p>\n<p>To find out more about our loan\u00a0programs and to see if you qualify for a manufactured home loan, contact our office at 714-731-8080. You can also reach out to us via email at info@santiagofinancial.com<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.facebook.com\/santiagofinancial\/\">https:\/\/www.facebook.com\/santiagofinancial\/<\/a><\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Debt-to-Income Ratio (Overall Debt Ratios) Just as important as the Housing or front-end ratio is the debt-to-income ratio or DTI. This is the amount of your gross monthly income that goes toward paying all debts considered in a loan.\u00a0Lenders consider 42-48% the golden range for DTI. Lenders will want to see lower DTI&#8217;s, but by [&hellip;]<\/p>","protected":false},"author":1,"featured_media":71698,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debt and Housing Ratios- How Do They Affect Your Loan? - Santiago Financial, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.santiagofinancial.com\/es\/ratios-de-deuda-y-vivienda-como-afectan-a-su-prestamo-2\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt and Housing Ratios- How Do They Affect Your Loan? - Santiago Financial, Inc.\" \/>\n<meta property=\"og:description\" content=\"Debt-to-Income Ratio (Overall Debt Ratios) Just as important as the Housing or front-end ratio is the debt-to-income ratio or DTI. This is the amount of your gross monthly income that goes toward paying all debts considered in a loan.\u00a0Lenders consider 42-48% the golden range for DTI. 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