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Debt to Income Ratio
Posted on 5/19/15 at 7:58 pm
Posted on 5/19/15 at 7:58 pm
I have been researching building a home and have finally decided to hire a GC to build. We have the lot that we bought and have been paying on for the past year and plan to build within the next year. When we get ready to go get the loan from the bank in construction, the bank said the more cash the better. I have chosen to hold on to cash instead of paying off a few student loans and vehicles for this purpose. I just ran the numbers and our current DTI is at 22% of our gross income. Anyone have experience with banks and what they generally look for on home loans? I think we are good but I just wanted to see what others experiences are.
1
Posted on 5/19/15 at 8:02 pm to daviddsims
What will your DTI be with the house payment?
Posted on 5/19/15 at 8:03 pm to VABuckeye
No more than 30%. Our vehicles will both be paid for a few months after the house is built.
Posted on 5/19/15 at 8:52 pm to daviddsims
quote:
No more than 30%
You should be fine. You should have 25% of your LTV avaliable for construction. This includes any equity you have in your lot.
This post was edited on 5/19/15 at 8:55 pm
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