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Debt to income ratio (front end and back end)
Posted on 11/13/13 at 2:50 pm
Posted on 11/13/13 at 2:50 pm
Front end is monthly mortgage note divided by gross monthly income, back end is revolving debt divided by gross monthly income, is this correct?
Also, what is considered healthy for a loan. Front end % and back end %, 30, 40%?
Also, what is considered healthy for a loan. Front end % and back end %, 30, 40%?
1
Posted on 11/13/13 at 2:55 pm to Paul Allen
Depends on the down payment and whether it is conventional, FHA, VA or other financing. Back end as you put it is mortgage obligation plus all other monthly recurring debt.
Posted on 11/13/13 at 2:56 pm to VABuckeye
What's the minimum down on a 30 year fixed conventional non fha loan?
Posted on 11/13/13 at 3:05 pm to Paul Allen
I'm pretty sure you can go as low as 5% down with good credit.
Posted on 11/13/13 at 3:40 pm to JonTheTigerFan
Over 700 credit score? How does it work for a married couples credit score, are they combined?
Posted on 11/13/13 at 5:38 pm to Paul Allen
quote:
How does it work for a married couples credit score, are they combined?
I'm almost certain they factor in each score individually. So if your wife is the woman from that commercial with a 500 score and you are 700 and can qualify financially on your own you can still buy a house.
Posted on 11/13/13 at 6:18 pm to VABuckeye
So it's a moot point if both scores are over 700?
Posted on 11/13/13 at 6:22 pm to Paul Allen
quote:
What's the minimum down on a 30 year fixed conventional non fha loan?
3%
Posted on 11/13/13 at 6:23 pm to ItNeverRains
Link? For a non fha loan?
Posted on 11/13/13 at 6:46 pm to Paul Allen
Call a few banks, one will do it. Hawk or VA will confirm. I could be wrong, but I believe it's a 95/5 but if you finance the pmi lender can go up to 97%
Posted on 11/13/13 at 8:35 pm to ItNeverRains
What about jumbo loan? I'm hearing you need at least 20% down
Posted on 11/13/13 at 8:39 pm to DandyPimp
Why would a Jimbo require such a high down payment?
Posted on 11/13/13 at 9:24 pm to Paul Allen
quote:
Over 700 credit score? How does it work for a married couples credit score, are they combined?
Over 700 FICO score, you should have no problem. I know my credit union required a 680 for 5% down. You will still have to pay PMI but it's MUCH less than FHA. They will go off of your middle FICO score from the 3 bureaus (Equifax, Experian and TransUnion) and will use the lower middle score of you or your wife. If you're both over 700, that's a moot point.
Posted on 11/14/13 at 10:57 am to Paul Allen
paul: if you have a 680 or up credit score you can put as little as 5% down non FHA loan. if your married they take the lowest middle credit score between the 2 of you. jumbo loan require 20% down because PMI companys will not insure jumbo loans. jumbo loans are all loans over 417k. debt to income ratios max are 45% on the back end and we use gross income to calculate that. front end is 40%. if you post an email address i will email you and answer any other questions you might have.
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