Housing Wire

MAY 24, 2024

Student loan debt may affect your home-buying goals in a few key ways. Debt-to-income ratio (DTI) Lenders calculate your DTI ratio by dividing your total monthly debt payments (including student loans) by your gross monthly income to assess your ability to handle additional debt, like a mortgage.

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Housing Wire

MARCH 13, 2024

They wanted to understand their credit, they wanted to understand their debt-to-income ratio, they wanted to understand how to build their savings, and they wanted education.” With these customer needs in mind, Hefets and her team set out to create DivvyUp. It is very aligned with our mission,” Hefets said. “It

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Housing Wire

OCTOBER 27, 2020

It’s how much debt you have and how you manage it that matters to lenders. To see if your student loans will be a problem, it’s important to consider your debt-to-income ratio—or how much of your monthly income your loans and other debts take up.

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Housing Wire

MARCH 22, 2023

An affordable home insurance policy not only means lower monthly payments, but also improved debt-to-income ratio and more money to put towards home improvements, property taxes or closing costs. We’ve seen savings of up to 30% in difficult markets like Texas and Florida. You can also request a policy and easily print EOI.

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Housing Wire

AUGUST 18, 2020

In addition, to be eligible to become a Seasoned QM, creditors must have considered and verified the consumer’s debt-to-income ratio (DTI) or residual income at origination. During the seasoning period, creditors would have to hold these loans on portfolio.

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Housing Wire

MAY 16, 2024

It determined each state’s risk of bankruptcy by assigning a risk score on a scale of 100 based on factors like poverty rates, debt-to-income ratios, health care expenses and overall cost of living. The study analyzed 11 factors to determine which states put elderly U.S. citizens at the greatest risk of bankruptcy.

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Housing Wire

SEPTEMBER 27, 2023

Higher costs and rates meant customers taking out mortgages in 2022 devoted a higher share of their income towards paying home loans. The average debt-to-income ratio for Hispanic White and Black borrowers reached over 40% in 2022, about 39% among Asian applicants and 37% for non-Hispanic whites. in 2022, up from 8.3%

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Housing Wire

FEBRUARY 28, 2024

Tom Davis, chief sales officer, Deephaven Mortgage Today’s market means that more borrowers have higher debt-to-income ratios, limited access to credit and are looking for alternative ways to get qualified for a mortgage.

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Housing Wire

APRIL 7, 2021

Because of this, today’s lenders are more than willing to work with potential first-time homebuyers who have debt, just as long as their debt-to-income ratio (DTI) isn’t too high. If your DTI is in good standing and you’re consciously working to manage and pay down your debt, you might be ready to buy a house!

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Bigger Pockets

NOVEMBER 9, 2023

Understanding your debt-to-income (DTI) ratio is crucial for making wise investment decisions. A high DTI ratio means you are carrying a lot of debt and are a potential risk to lenders. Your DTI impacts your ability to qualify for loans, lock in low interest rates, and take advantage of the best financial deals.

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Housing Wire

SEPTEMBER 5, 2024

Because FHA accepts lower credit scores , higher debt-to-income ratios and lower down payments than most conventional mortgages, first-time buyers have relied on them due to the ongoing affordability challenges in today’s housing market from elevated prices and mortgage rates. of the U.S. mortgage market in 2023, up from 14.3%

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Housing Wire

SEPTEMBER 17, 2024

Eligible borrowers must have a FICO score of 680 or higher and a debt-to-income ratio of 40% or less. The maximum combined loan-to-value ratio on the property cannot exceed 70%. The product includes a 10-year, interest-only repayment term.

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Housing Wire

JANUARY 20, 2023

Debt-to-income ratio is also now a consideration on the pricing matrix, with a new pricing adjustment for borrowers with a DTI ratio above 40%. The changes are effective starting May 1, 2023.

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Housing Wire

MARCH 3, 2024

The market in which these folks purchased their first home was one of record house prices, ballooning down payments , rising rates and elevated debt-to-income ratios (DTIs).

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Housing Wire

JULY 29, 2022

Purchase loans have higher loan-to-value ratios, pushing the GSE’s share of mortgages with loan-to-value ratios over 80% from 22% this time last year to 34% in the second quarter of 2022. That mix of refinances and purchase acquisitions also impacted the debt -to-income ratio of loans Fannie Mae bought, and the underlying credit score.

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Housing Wire

JANUARY 13, 2021

They look at your credit score, debt-to-income ratio, which is the percentage of your monthly gross income that goes toward paying debts and your projected down payment. Contrary to popular belief, how much you earn isn’t the only criteria for getting a mortgage. Lenders look at far more than your paycheck.

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Housing Wire

OCTOBER 11, 2023

“For example, if we’re talking about income, you may have more information that can help support a DTI [debt-to-income ratio] (…) There may be supplemental information that comes to the enterprise after the fact that probably should have met with the loan file.

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Housing Wire

AUGUST 22, 2020

“On the contrary, homeowners saving hundreds of dollars per month on their mortgages are reducing their debt-to-income ratio, which reduces risk to investors. However, when this policy was announced, no further explanation was provided to justify the additional cost to homeowners.

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Housing Wire

OCTOBER 10, 2024

In November 2023, Wells Fargo sued LoanSnap for $431,511 in a district court in Minnesota, alleging breach of contract in selling a mortgage that did not meet contractual requirements, such as excessive and unsupported debt-to-income ratios. The total judgment in these cases is more than $1.1 million.

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Housing Wire

SEPTEMBER 11, 2023

Through the Guaranteed Backup Contract, the homeowner receives a valid purchase offer, allowing the homeowner’s lender is able to remove the departing debt obligations from the consumer’s debt to income ratio, allowing the lender to approve the loan on the new home, prior to the closing of the sale of the current home.

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Housing Wire

MAY 8, 2023

Louis, Missouri-Illinois Program borrowers also need to meet the lender’s eligibility requirements, which typically include a minimum credit score of 620 and a maximum debt-to-income ratio of 50%. For those who make between 50.01% and 80% of AMI, there is up to $1,250 worth of assistance available.

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Housing Wire

DECEMBER 13, 2024

Despite rising rates that fueled this increase, debt-to-income ratios did not see a significant change in the same period. Rising interest rates largely drove consumers into higher monthly mortgage payments, with a conventional conforming 30-year fixed-rate mortgage increasing from $2,045 in December 2022 to $2,295 a year later.

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Housing Wire

NOVEMBER 12, 2020

If a mortgage loan is on your radar, then avoid applying for new credit cards, loans or other debts. These not only result in hard credit inquiries (hurting your score), but they’ll increase your debt-to-income ratio, too, making it harder to qualify for a mortgage. Another quick tip regarding your credit cards and debts?

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Housing Wire

APRIL 24, 2024

To prove his point, Middleman said that he is seeing average loan-to-value ratios of 50%, average debt-to-income ratios in the lower 40% range, and credit scores in the low 700s, which is an ”extraordinary” credit profile, he said. while adding that ”we’re getting towards the tail.”

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Housing Wire

JANUARY 25, 2021

Surprisingly, a borrower who lowers their debt to income ratio doesn’t move the needle much on rates. I don’t think there’s a Ritz Carlton of mortgages or a Motel 6 of mortgages, but nonetheless there is variation and even if a rate is cheaper, a lot borrowers are thinking about quality,” McLaughlin said.

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Housing Wire

FEBRUARY 5, 2024

of the median household income, the average payment is down from a 38-year high of more than 38% in October. But that number is still 9 percentage points above the 30-year average debt-to-income ratio of 24.2% and slightly less than the 33.8% peak prior to the housing market downturn in 2006. “If

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Housing Wire

SEPTEMBER 16, 2021

When asked why they believe their purchase of a home is delayed, 47% of non-homeowning student debt holders said it was due to their inability to save for a down payment and 45% said it was because they did not think they could qualify for a mortgage due to their debt-to-income ratio.

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Housing Wire

APRIL 27, 2022

“In the context of higher interest rates, one could argue that with higher rates, there’s correlated higher mortgage payments, which make it more difficult for people to qualify because of debt-to-income ratios,” Brian Vieaux, FinLocker’s president, told HousingWire.

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Housing Wire

SEPTEMBER 17, 2024

. “There’s been an explosion in high-DTI lending since I left FHFA,” he said, pointing to the fact that some Federal Housing Administration (FHA) borrowers have a 57% debt-to-income ratio. DTIs on Fannie- and Freddie-backed loans have also risen, he said. “What we saw during COVID was the No.

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Housing Wire

MARCH 16, 2022

The Consumer Financial Protection Bureau ‘s new General QM Final Rule replaced the 43% debt-to-income ratio limit in favor of more flexible pricing guidelines, allowed jumbo loans to get QM status and provided additional ways to verify income or assets. The new rule is slated to be implemented on Oct. 1, 2022.

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Housing Wire

JUNE 4, 2021

To determine what kind of house you can afford, you need to analyze your debt-to-income ratio (DTI). Your DTI shows how much money you put towards debt each month, and it’s relatively simple to calculate. . First, figure out our total monthly debts. Step 3: Figure Out What You Can Afford. each month?

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Housing Wire

NOVEMBER 1, 2024

On average, its borrowers’ FICO scores are 740 and debt-to-income ratios are 30%. Some lenders extend 90% LTV caps on similar products, but Davis calls this a “marketing play,” adding that Deephaven’s typical production falls between the high-60% and low-70% LTV range.

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Housing Wire

MARCH 30, 2021

Borrowers don’t always know or understand how their credit or debt-to-income ratio (DTI) impacts the type of loan they can qualify for. “They can go online and understand their FICO score, but mortgage credit scores are different. For lenders, it’s important to help borrowers understand those scores and the complexity of it.”.

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Housing Wire

MARCH 15, 2023

Following a chorus of complaints from the mortgage industry, the Federal Housing Finance Agency (FHFA) on Wednesday announced that it would delay the implementation of a new and controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios.

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Housing Wire

NOVEMBER 2, 2023

loanDepot claims that Richards stole confidential information, including individual loan numbers, FICO scores and debt-to-income ratios. If true, that would violate federal laws, including the Dodd-Frank Act , which requires minimum standards for all mortgage products.

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Housing Wire

AUGUST 8, 2024

That gets rolled into their debt-to-income ratio, which means they look like a riskier buyer, which means their mortgage loan gets priced higher, which means they have an additional disadvantage because the cost of lending goes up for them.

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Housing Wire

MARCH 14, 2023

Numerous lenders are expected to bring their own SPCPs to market this year, opening the door for new programs that could address common underwriting issues, such as debt-to-income ratios and non-W2 incomes, two factors that disproportionately impact the Latino community, according to the report.

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