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Started By
Message
re: Debt-To-Income Ratio - What’s typical in todays world?
Posted on 10/25/23 at 1:22 pm to GeauxTime9
Posted on 10/25/23 at 1:22 pm to GeauxTime9
I’m around 14%. No issues saving or maxing out 401k. Money isn’t really an issue although we are concerned with losing some of our income in recession.
We were closer to 40% when we bought our first house 10 years ago. Things were really tight back then. We struggled a lot to save. Don’t recommend going that high.
I would think 20% is fairly easy if you aren’t too crazy with typical day to day expenses. I wouldn’t go beyond 25 or 30% but that’s me.
IMO total income also matters here because we all have other monthly expenses that are difficult to cut.
We were closer to 40% when we bought our first house 10 years ago. Things were really tight back then. We struggled a lot to save. Don’t recommend going that high.
I would think 20% is fairly easy if you aren’t too crazy with typical day to day expenses. I wouldn’t go beyond 25 or 30% but that’s me.
IMO total income also matters here because we all have other monthly expenses that are difficult to cut.
This post was edited on 10/25/23 at 1:26 pm
0
Posted on 10/25/23 at 1:23 pm to JohnnyKilroy
quote:
But that’s bold as hell to assume you will be satisfied staying in the same house, in the same location for the next 50-60 years.
Guess I should rephrase. The house where I will spend 25ish years raising kids. After that hopefully down size and not have a mortgage.
Posted on 10/25/23 at 1:27 pm to npt817
quote:
Most apps coming in that I see today are 45-50. I’ve closed some as high as 57.
I sure hope to hell their income climbs. That’s REALLY hard unless they have income that isn’t reported. Or they are getting family help.
Posted on 10/25/23 at 1:59 pm to Paul Allen
I hear it way too often. What does anyone know about “forever” in their 20s?!
Posted on 10/25/23 at 2:08 pm to JohnnyKilroy
And what about credit card balances, that are paid in full each month?
I use a CC for virtually every bill and purchase. Paid in full by autopay monthly. That equates to about 3x any other monthly debt payment. Does that officially elevate my DTI well above what it be considering only my mortgage?
I use a CC for virtually every bill and purchase. Paid in full by autopay monthly. That equates to about 3x any other monthly debt payment. Does that officially elevate my DTI well above what it be considering only my mortgage?
Posted on 10/25/23 at 2:13 pm to Big Scrub TX
quote:
Do you mind sharing what this horrible rate is?
7.25%
Broker kept telling us to hold off on locking in until closer to the build being finished and closing date. I fell for it like a tard as a first time homebuyer.
Posted on 10/25/23 at 2:28 pm to turkish
No that is not part of the calculation.
Posted on 10/25/23 at 3:55 pm to SouthPlains
If I paid mine off today, I’d still have to pay half of it for taxes and insurance. I’d be more annoyed by that.
Posted on 10/26/23 at 8:10 pm to JohnnyKilroy
Yes it is. The minimum payment on any credit card is part of the calculation.
Posted on 10/27/23 at 6:54 am to Bermuda99
Ok so add like 35 bucks to your debt number 
Posted on 10/27/23 at 7:19 am to JohnnyKilroy
quote:
But that’s bold as hell to assume you will be satisfied staying in the same house, in the same location for the next 50-60 years.
We bought a new house earlier this year and I've already told my wife 5 years tops.
I don't know the circumstances that will lead up to us leaving this house, but it will absolutely happen.
Posted on 10/27/23 at 11:41 am to npt817
quote:
npt817
quote:
Most apps coming in that I see today are 45-50. I’ve closed some as high as 57.
This is insane!!!! I'm at 16% currently, $100k income. Just bought 3 acres in the country and building forever home in about 18-24 months. Will be at about 23-24% DTI once the house closes, and that is pushing my comfort level.
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