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Real Estate Glossary Definitions A-G Definitions H-N Definitions O-Z Other Definitions				DEBT-TO-INCOME RATIO To determine the maximum mortgage that they will permit you, lenders use guidelines called debt-to-income ratios. This is the percentage of your pre-tax monthly income that is used to pay your monthly debts. Because there are two calculations, there is a "front" ratio and a "back" ratio and they are generally written in the following format: 33/38. The front ratio is the percentage of your monthly gross income that is used to pay your housing costs, including capital repayments, interest, taxes, insurance, mortgage insurance (when applicable) and homeowners association fees (when applicable). The back ratio is the same thing, only it also includes your monthly consumer debt. Consumer debt can be car payments, credit card debt, instalment loans, and similar related expenses. (Auto or life insurance is not considered a debt). A common guideline for debt-to-income ratios is 33/38. A borrower's housing costs consume thirty-three percent of their monthly income. Add their monthly consumer debt to the housing costs, and it should take no more than thirty-eight percent of their monthly income to meet those obligations. These are just guidelines and they are flexible. If, for example, you make a small down payment, the guidelines are more rigid. If you have marginal credit, the guidelines are more rigid. If you make a larger down payment or have an excellent credit rating, the guidelines are far less rigid. The guidelines also vary according to loan program. FHA guidelines state that a 29/41 qualifying ratio is acceptable. VA guidelines do not have a front ratio at all, but the guideline for the back ratio is 41. Example: If you make $8000 a month, with 33/38 qualifying ratio guidelines, your maximum monthly housing cost should be around $2,640. Including your consumer debt, your monthly housing and credit expenditures should be around $3,280 as a maximum.

Our Platinum Selection

Five of today's top-rated properties...

Single Family Home, Blue Mountain, Nova Scotia, Canada		Canada
What a find! This home is over 3000 square feet on 6 acres of land with frontage on the Salmontail River. Hardwood and ceramic floors throughout, custom kitchen cabinets, spacious double decks, five large bedrooms, three bathrooms, and a circular driveway. A place for everyone in the family in this ... Bedrooms: 5 - Location: Waterfront		CAD169,900.00 (USD133,969.41)

Bed and Breakfast, Andalusia, Malaga, Spain		Spain
... Bedrooms: 8 - Location: Coastal		EUR1,400,000.00 (USD1,761,227.83)

Detached House, Pescara, Abruzzo, Italy		Italy
This single property is ready to move into and has been recently decorated throughout. There are two separate entrances on the ground floor, one leads into a hallway and off this is a good sized bathroom with a four-piece suite including a shower cubicle and there is a room which could be used as a ... Bedrooms: 2 - Location: Inland		USD350,000.00 (USD350,000.00)

Farmhouse, Loreto Aprutino, Abruzzo, Italy		Italy
Characteristic stone farmhouse of about 450 sqm, completly restored with about 12 hectares of land. The property is in a very good location and with excellent panoramic view.... Bedrooms: 0 - Location: Inland		USD959,500.00 (USD959,500.00)

Detached House, Frammersbach, Bavaria, Germany		Germany
House for sale in the beautiful Spessart Forest of Germany in the village of Frammersbach, centrally located in Germany & Europe - 1hr drive from Frankfurt. The building was built with high quality, 1994. It has three apts (2-3 bdr – 2 bath & 1-2 bdr 1bath). 2 rented & 1 occupied by owner, returnin... Bedrooms: 9 - Location: Inland		USD575,000.00 (USD575,000.00)


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DEBT-TO-INCOME RATIO