What does debt-to-income ratio mean, and what is the maximum ratio?
The ratio is determined by weighing your total debt against total income. For example, if your income is $10,000 a month and your debt totals $3,000 then your debt-to-income ratio is 30%. There is no maximum debt-to-income ratio on conforming loans and 38% to 50% on jumbo loans—the range depends on the loan program. In some cases, Progressive Home Loans has approved loans with that hover at 65%.
A. The ratio is determined by weighing your total debt against total income. For example, if your income is $100,000 annually and your debt totals $30,000, then your debt-to-income ratio is 30%. There is no maximum debt-to-income ratio on conforming loans and 38% to 50% on jumbo loans—the range depends on the loan program. In some cases, F&M Mortgage Group has approved loans with that hover at 70%.
The ratio is determined by weighing your total debt against total income. For example, if your income is $100,000 annually and your debt totals $30,000, then your debt-to-income ratio is 30%. There is no maximum debt-to-income ratio on conforming loans and 38% to 50% on jumbo loans—the range depends on the loan program. In some cases, MortgageEase has approved loans with that hover at 70%.
