This figure is known as your DTI, and must fall under a certain percent in order to qualify for a mortgage.
The maximum debt-to-income ratio will vary by mortgage lender, loan program, and investor, but the number generally ranges between 40-50%.
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Your chance of having an accepted offer will go up dramatically when you can provide a letter of pre-approval for your loan, so get started today.
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Thanks to the new Qualified Mortgage rule, most mortgages have a maximum back-end DTI ratio of 43%.
There is a temporary exemption for many loans, but a lot of lenders still want this number to be under 43%!