Sentences with phrase «total gross monthly income»

The total of all monthly financial obligations, divided by the total gross monthly income.

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

You are working full - time and your total gross monthly income is less than or equal to the larger of the monthly federal minimum wage rate or 150 % of the poverty guideline for your state.

The total of all monthly financial obligations, divided by the total gross monthly income.

For example, if you have two jobs with earnings of $ 500 each before taxes, then your total gross monthly income is $ 1,000.

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

Not exact matches

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

This figure is your total minimum monthly payments — including your hypothetical mortgage payment — divided by your monthly gross income.

DTI is calculated as your total monthly debt payments divided by monthly gross income, so a lower DTI indicates better financial health and reduces the mortgage rates you'll be offered.

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).

This means a borrower's total recurring debts should add up to no more than 43 % of his or her gross monthly income.

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.

Another rule of thumb is to keep your total monthly debts (including the mortgage and everything else) below 36 % of your gross monthly income.

Generally speaking, they limit the borrower's total debt to no more than 43 % of gross monthly income.

Your debt - to - income ratio equals your total monthly debts divided by your gross monthly income.

Specific debt - to - income requirements vary based on a range of criteria including loan - to - value ratio, assets used to qualify for the loan and credit history but typically a successful applicant will have a total debt - to - income ratio (including the proposed loan payment) below 43 % of monthly gross income.

As a general rule, most loan programs require that your total mortgage payment (including your property taxes and insurance, and, if applicable, mortgage insurance and / or monthly association dues) and existing monthly debt obligations comprise no more than 45 % -55 % of your gross monthly income.

Then, divide the number that represents your total monthly obligations by your gross monthly income.

• You are serving in a medical or dental internship or residency program and meet requirements • The total amount you owe each month is 20 % or more of your total monthly gross income, for up to three years • You are serving in an AmeriCorps position for which you received a national service award • You are performing teaching service that would qualify you for teacher loan forgiveness • You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program • You are a member of the National Guard and have been activated by a governor, but you are not eligible for military deferment

Your total monthly debt payments (student loans, credit card, car note and more), as well as your projected mortgage, homeowners insurance and property taxes, should never add up to more than 36 % of your gross income (i.e. your pre-tax income).

This means that your total monthly debts (including the mortgage payment) should use up no more than 43 % of your gross monthly income.

Another rule of thumb is to keep your total monthly debts (including the mortgage and everything else) below 36 % of your gross monthly income.

You simply divide your total recurring monthly debt by gross monthly income.

Divide all of his credit - reportable monthly bill payments by his total monthly gross income.

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.

Your total housing payments (including the mortgage, homeowner's insurance, and private mortgage insurance [PMI], association fees, and property taxes) should not exceed 32 percent of your gross monthly income.

Your total debt payments, including your housing payment, your auto loan or student loan payments, and minimum credit card payments should not exceed 40 percent of your gross monthly income.

The next step is to divide your total monthly payment by your gross monthly income and multiply by 100.

What this basically means is the bank or lender will look at your total monthly debt and your gross monthly income, and determine if, on paper, you can afford the terms of the loan you are seeking.

Total Debt Ratio: In traditional mortgage underwriting, the total debt ratio is used to calculate how large the monthly payments on housing expenses and other debts (like student and car loans, credit card debt, etc.) should be, based on gross monthly inTotal Debt Ratio: In traditional mortgage underwriting, the total debt ratio is used to calculate how large the monthly payments on housing expenses and other debts (like student and car loans, credit card debt, etc.) should be, based on gross monthly intotal debt ratio is used to calculate how large the monthly payments on housing expenses and other debts (like student and car loans, credit card debt, etc.) should be, based on gross monthly income.

According to HUD Handbook 4155.1, Chapter 4, Section F, the monthly payments are «considered acceptable if the total mortgage payment does not exceed 31 % of the gross effective income.»

The total amount you owe each month for all the student loans you received is 20 % or more of your total monthly gross income (additional conditions apply)

Each year, your monthly payments will be calculated on the basis of your Adjusted Gross Income (AGI), family size, and the total amount of your Direct Loans.

For example, if a mortgage product has a total debt - to - income ratio of 38 percent, the borrower's housing expenses plus other debts should not exceed 38 percent of his or her gross monthly income.

This is when their credit card monthly minimums total about 10 % of your gross household monthly income.

As a general rule, your total monthly expenses should not exceed 43 % of your gross monthly income.

Most lenders want your total monthly debts, including your new mortgage payments, to equal no more than 36 percent of your gross monthly income.

A fully qualified mortgage is typically run at debt to income ratios of 28/36, where 28 % of your gross monthly income can apply to the mortgage, property tax, and insurance, and the 36 % is the total monthly debt (including the mortgage, etc) plus car loan student loan, etc..

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).

Total obligations as a percentage of gross monthly income.

This means a borrower's total recurring debts should add up to no more than 43 % of his or her gross monthly income.

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

Divide your total monthly debt service payments by your monthly gross income.

DTI is calculated by dividing the total debt that you pay out each month by your gross monthly income.

As a general rule, your mortgage payment (including taxes, insurance and association fees) should not exceed 28 % of your gross monthly income or 36 % of your total monthly debt.

The 28/36 rule states that a household should spend no more than 28 % of its gross (before taxes) monthly income on housing expenses (front - end) and no more than 36 % on total debt (back - end).

Remember, the mortgage can not be more than 28 to 30 % of your gross income, and your total monthly debt payments can not exceed 43 % of your gross income.

Total Debt Service Ratio (TDS): The percentage of gross monthly income required to cover the monthly housing payments and other debts, such as car payments.

If your total recurring debts (including your mortgage payments) will exceed 45 % of your gross monthly income, you may have trouble qualifying for a loan.

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