| What is the standard debt-to-income ratio? |
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A standard ratio used by lenders limits the mortgage payment to 28 percent of the borrower's gross income and the mortgage payment, combined with all other debts, to 36% of the total. The fact that some loan applicants are accustomed to spending 40% of their monthly income on rent -- and still promptly make the payment each time -- has prompted some lenders to broaden their acceptable mortgage payment amount when considered as a percentage of the applicant's income. Other real estate experts tell borrowers facing rejection to compensate for negative factors by saving up a larger down payment. Mortgage loans requiring little or no outside documentation often can be obtained with down payments of 25% or more of the purchase price. |
 Real-EstateWhat to do and what not to do when buying and selling property. |
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