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The different income/debt ratios on Conventional, FHA and VA Mortgage
Manage episode 378880646 series 2979320
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Conventional will allow up to 50% income-debt ratio, FHA is up to 55% and Va has gotten approvals for up to 59.5% income/debt ratio.
you take the monthly mortgage payments, plus car payments, student loan payment and credit card payments and divide that into your gross monthly income.
conventional allows up to 50%, FHA up to 55%, and Va can get approvals up to 59%
Every loan is run through Du/LP and that is the decision maker based on all the variables of income, credit, funds available, etc,
Conventional and FHA are at about the same payment if you are putting down the min down payment for each.
Good information to have when purchasing a home
tune in and learn more at https://www.ddamortgage.com/blog
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