Sentences with phrase «sum by their gross monthly incomes»
Buyers should then divide that sum by their gross monthly incomes.
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Calculate the debt - to - income ratio (DIR) by dividing the sum of all monthly credit - reportable bills by their gross monthly income.
Divide the sum of the monthly payments by your gross monthly income (gross monthly income is your total income before subtracting taxes, benefits, 401 (k) contribution and other things).
This typically means having a credit score of 620 or above, a debt - to - income ratio of 50 % or less (i.e. the sum of all your debt payments, including housing, divided by your gross monthly income), and a loan - to - value ratio on your home of 80 % or less after the cash out refinance is complete.