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DTI??

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Regular Contributor

DTI??

What's figured into your DTI Ratio? Mortgage, cars, credit cards? I would like to figure out what mines is...
 
What is a good DTI to lenders?
 
Thanks
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Message 1 of 11
10 REPLIES 10
Valued Contributor

Re: DTI??

it is figured easiest monthly...
 
total all installment loan payments, all the min payments on every credit card, any other recurring monthly debt (child support is one), and your mortgage THEN divide by your gross monthly income. 
 
If you are applying for a mortgage then any installemnt loan with less than 10 months left to pay isn't calculated into the ratio (it is short term debt then).
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 2 of 11
Regular Contributor

Re: DTI??

So add all the monthly payments on everything you mentioned? Are school loans included in that?
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Message 3 of 11
Valued Contributor

Re: DTI??

Yes
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 4 of 11
Regular Contributor

Re: DTI??

May be a dumb question, but what about the payments to pge, cable, car insurance, cell phone, etc?
 
Does that include rent? I have no mortgage...
 
Or just
 
Car note?
School loans?
credit cards?
 
Those are my actual only recurring debts that I owe money on...
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Message 5 of 11
Valued Contributor

Re: DTI??

No: rent, utilities,cell phone, insurance, etc...
 
Yes: child support/alimony, debt consolidation loan, personal loan
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 6 of 11
Regular Contributor

Re: DTI??

Got it...Thanks Lady....
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Message 7 of 11
Community Leader
Super Contributor

Re: DTI??

Lady_Scarlet should start doing mortgages.
Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 8 of 11
Valued Contributor

Re: DTI??

A Realtor that does not understand financing is not serving their clients to the best of their ability. If the Realtors who sold people those houses on those crazy loans understood financing - they would have been saying 'no way'.  I know I did because I could see people being placed in a position to default and that is exactly what I told them - the decision was thiers but at least they had the information to make the decision on.
 
I have an advantage over other Realtors and the 'basic' training they have had in financing - I'm Affordable Housing Certified.   I had to go to hours of financing classes, credit classes, etc to get the certification.  I teach Fannie's CreditSmart.
 
Selling a home to a buyer is a partnership between the client, the Realtor, the lender, any inspectors, the settlemnt attorney, etc - it all has to come together and everyone has to be on the same page.  Also - much of the contract is determined by the financing - so I better at least know what a point is and how it affects the mortgage and the Buyer's closing costs.


Message Edited by Lady_Scarlet on 10-25-2007 08:26 AM
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 9 of 11
Established Member

Re: DTI??

What about student loans that are in forebearance status?


Mshamika wrote:
So add all the monthly payments on everything you mentioned? Are school loans included in that?



Message 10 of 11
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