Sentences with phrase «gross monthly income»

Your total debts (mortgage payment and fixed obligations including credit card debt, car payments and child support) shouldn't exceed 36 to 43 percent of gross monthly income.

Total debt divided by gross monthly income must also be equal to or less than 41 %.

Total monthly debt payments (including your mortgage payment) should not exceed 36 percent of total gross monthly income.

The court then calculates the combined gross monthly income of the parents.

These are the «disposable capital test» and the «gross monthly income test».

There are two ways to lower debt - to - income: reduce monthly recurring debt and / or increase gross monthly income.

The lender can reduce the housing expense ratio — the percentage of gross monthly income applied toward housing expenses — by the amount of the tax savings.

If you can not give a firm gross monthly income figure, include a profit / loss statement.

That's why we won't lend people more than they can reasonably afford to repay (and why part of our requirements for securing a loan include evaluating gross monthly income).

Total debt divided by gross monthly income must also be equal to or less than 41 %.

Total debts do not exceed 36 percent of gross monthly income.

The ratio of the monthly housing payment to total gross monthly income.

Their combined gross monthly income is $ 8,000 per month.

Real life example with gross monthly income of $ 5,000 and monthly non-mortgage debts of $ 450 (credit card minimum payments and installment loans):

In the above scenario, a prospective homeowner making $ 10,000 in gross monthly income can easily afford a $ 240,000 loan, factoring in the property taxes, homeowners insurance, and their other monthly liabilities.

Total Expense Ratio Total obligations as a percentage of gross monthly income including monthly housing expenses plus other monthly debts.

Housing Expense Ratio The percentage of gross monthly income budgeted to pay housing expenses.

The firm selected winners by looking primarily at how much median money households headed by a 23 - to 34 - year - old earn in each city and what share of gross monthly income young locals need to pay for entry - level homes.

Benefit value depends on size, income and expenses of the household, but approximate gross monthly income limits for those 60 + or disabled are $ 1,962 single / $ 2,655 couple.

The debt ratio established for VA loans is 41, or 41 percent of gross monthly income although that ratio can be a little higher and still receive an approval.

Your DTI is expressed as a percentage through this formula: recurring monthly debt ÷ gross monthly income = debt - to - income ratio.

Specifically, the Government proposes raising the current gross monthly income threshold at which full remission is available from # 1,085 to # 1,250 for a single person - broadly the gross income of a single person working full time on the current national living wage rate of # 7.20 per hour.

Gross monthly income just under $ 3000.

A lender's participation in the program is optional, but those who do choose to participate are required to reduce mortgage payments so that the borrowers Front End DTI is no more than 38 % of the homeowners gross monthly income.

So you will want to see verified gross monthly income of at least 3 % of the eventual purchase price (or, in other words, three times the estimated «monthly nut» of owning the house).

Divide all monthly recurring debt payments by gross monthly income.

Affordability is validated when comparing monthly debt payments with gross monthly income.

For example, if your total gross monthly income is $ 5,000, your monthly housing payments - including the principal and interest on your mortgage, taxes, and homeowner's insurance - should not exceed $ 1,800 (36 % of $ 5,000).

To qualify under the back - end ratio, this borrower would need to earn at least $ 5,139 ($ 1,850 / 0.36 = $ 5,138.88) in gross monthly income.

However, if the combined gross monthly income is over $ 10,000, then the child support is calculated based on a percentage of that income.

Total Expense Ratio Total obligations as a percentage of gross monthly income including monthly housing expenses plus other monthly debts.

Housing Expense Ratio The percentage of gross monthly income budgeted to pay housing expenses.

Under MCC programs, the lender can reduce the housing expense ratio — the percentage of gross monthly income applied toward housing expenses — by the amount of the tax savings.

The program also helps buyers avoid trouble down the road: Borrower debt is restricted to 20 percent of gross monthly income, and total back - end debt ratio (all debt including mortgage debt) is kept at 36 percent.

Lenders calculate DTI by dividing your total monthly debts by your gross monthly income.

You will need your Social Security Number, your gross monthly income, your employer's name and phone number, your monthly rent or mortgage, and the names of all of your current lenders.

The lender will find this ratio by adding your monthly debt payments and then dividing that number by your gross monthly income.

This ratio is found by dividing your projected monthly mortgage payments by your gross monthly income (your income before taxes).

«While debt - to - income requirements vary by mortgage programs, a good target is to keep your total debt level at or below 36 % of your gross monthly income.»

A 50 % DTI means that the mortgage applicant requires 50 % of its gross monthly income to service its monthly debt payments (mortgage, credit car, auto, etc).

This means that you should spend no more than 28 percent of your gross monthly income on total housing expenses, and no more than 36 percent on total debt service (including the new mortgage payment).

Don't use your gross monthly income for this.

Ideally, your total monthly debts should use no more than 43 % of your gross monthly income (a commonly used threshold).

That meant that a borrower's total debt (including the mortgage loan, car payments, credit cards, etc.) could not exceed 45 % of his or her gross monthly income.

Debt - to - income ratio (how much you owe in monthly debt payments divided by your gross monthly income)

VA lenders look at back - end DTI ratios, meaning they measure a borrower's major monthly expenses against his or her gross monthly income.