{"id":3574,"date":"2016-04-21T08:26:08","date_gmt":"2016-04-21T08:26:08","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=3574"},"modified":"2024-09-30T10:28:45","modified_gmt":"2024-09-30T17:28:45","slug":"home-mortgages-what-is-a-debt-to-income-ratio","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/home-mortgages-what-is-a-debt-to-income-ratio\/","title":{"rendered":"What is a Debt to Income Ratio?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Debt-to-income (DTI) is used to compare your monthly debt payments to your monthly gross income. Lenders use this number to assess your ability to manage monthly payments and repay debts, i.e. your borrowing risk. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It also gives you an idea of how much house you can afford as you begin your home search. Whether you\u2019re going after a $300k home or a <a href=\"https:\/\/www.movoto.com\/blog\/income-for-a-500k-home\/\">$500k home<\/a>, knowing your DTI empowers you as a buyer!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why is DTI Important in a Home Purchase?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As a key part of a <\/span><a href=\"https:\/\/www.movoto.com\/blog\/pre-approved-for-home-loan-mortgage\/\"><span style=\"font-weight: 400;\">mortgage pre-approval<\/span><\/a><span style=\"font-weight: 400;\">, your DTI helps lenders assess whether you will be able to pay back your loan. In general, the lower your DTI, the better when it comes to getting a mortgage. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A low DTI shows that you manage existing debt responsibly, and are likely to pay off your mortgage in the same manner. On the other hand, if you have a high DTI, you might not be able to secure a loan, which limits your purchase power as a homebuyer.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to Calculate Your Debt-to-Income Ratio<\/span><\/h2>\n<ol>\n<li><span style=\"text-decoration: underline;\"><span style=\"font-weight: 400;\">Add Your Monthly Expenses Together<\/span><\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">To calculate your debt to income ratio, add up your required minimum monthly payments, the only debts to include when calculating your DTI are those that appear on your credit report.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What to Include:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Rent or monthly mortgage payments<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Auto loan payments<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Student loan installments<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Child support or alimony obligations<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Credit card payments<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Personal loan payments\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Monthly homeowners association (HOA) fees<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Property taxes<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Homeowners insurance payments<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">What to Exclude:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Utility costs<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Health insurance costs<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Transportation expenses<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Food, entertainment, clothing, and leisure purchases<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Contributions to savings accounts<\/span><\/li>\n<li><span style=\"font-weight: 400;\">401(k) or IRA contributions<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-weight: 400;\">2. Divide This Number By Your Gross Monthly Income<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gross monthly income refers to <strong><em>your pretax income<\/em><\/strong> each month. For example, if you have a $48,000 salary, your gross monthly income is $4,000. Now, divide your monthly expenses by this number. So, if your monthly expenses are $1,000, you would divide 1,000 by 4,000 = .25.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-weight: 400;\">3. Multiply by 100<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next, take this number and multiply it by 100 to get your DTI ratio as a percentage. Using the same example, your DTI ratio would be .25 x 100 = 25%.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The 28\/36 rule on DTI<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Use the 28\/36 rule as a gauge to understand your debt-to-income. This rule provides a guide for how much debt a household can safely take on. Here\u2019s what each number means:<\/span><\/p>\n<ul>\n<li><b>28: <\/b><span style=\"font-weight: 400;\">No more than 28% of your gross monthly income should be allocated to housing expenses, including mortgage payments, property taxes, insurance, and <a href=\"https:\/\/www.movoto.com\/blog\/hoa-fee-tax-deductible\/\">HOA fees<\/a>.<\/span><\/li>\n<li><b>36:<\/b><span style=\"font-weight: 400;\"> No more than 36% of your gross monthly income should go to paying off all debt, which includes housing expenses, credit cards, and auto loans.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What the Debt-to-Income Ratio Requirements Are for Different Loans<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.movoto.com\/blog\/conventional-loan-definition-what-is-it-and-is-it-right-for-you\/\"><b>Conventional Loan<\/b><\/a><b>: <\/b><span style=\"font-weight: 400;\">Typically a DTI for a conventional loan can be no more than 45%, but some lenders will accept up to 50%. This depends on factors like a savings account, which should have enough to pay for at least six months\u2019 worth of housing expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.movoto.com\/blog\/fha-203k-loan-10-answers-to-the-questions-you-should-be-asking\/\"><b>FHA Loan<\/b><\/a><b>:<\/b><span style=\"font-weight: 400;\"> The FHA requirement is less strict, and depends on the lender. The maximum DTI ratio allowed for an FHA loan is typically between 43% to 50%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a href=\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/\">USDA Loan<\/a>: <\/b><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">DTI<\/span><span style=\"font-weight: 400;\"> of no more than 41% is required for automatic approvals on a USDA loan, but this can stretch to 44% with manual underwriting.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a href=\"https:\/\/www.movoto.com\/blog\/veteran-mortgage-loans-guide\/\">VA Loan<\/a>: <\/b><span style=\"font-weight: 400;\">There is no maximum limit for a VA loan, but<\/span> <span style=\"font-weight: 400;\">a <\/span><a href=\"https:\/\/www.veteransunited.com\/futurehomeowners\/va-loan-debt-to-income-guidelines\/\"><span style=\"font-weight: 400;\">DTI<\/span><\/a><span style=\"font-weight: 400;\"> lower than 41% is the norm.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How to Lower DTI<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are some of the common ways to lower your DTI:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pay off debt, starting with high-interest debt<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Refinance or consolidate debts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Add co-borrower<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Avoid new loans, like auto<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fully pay off your credit cards each month\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Negotiate lower interest rates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Earn more income<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you are eager to purchase a home and are having difficulty lowering your DTI, you could consider more aggressive methods like selling a car to drop a car payment and ride-sharing with a spouse instead. If you have a 401k, you might consider loaning out or cashing out a portion to pay off debt.<\/span><\/p>\n<p>Personal finances are unique to each individual, evaluate your situation and resources to find a strategy that works for you!<\/p>\n<h2><span style=\"font-weight: 400;\">Our Resources Are Here To Help<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The first step in dealing with a high DTI is pinpointing what it causing it. From there, you can make a plan to tackle your debt and lower your ratio before putting in an offer on a home. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For all your home buying and selling questions, check out our<\/span><span style=\"font-weight: 400;\"> archive of helpful articles. Whether you\u2019re a first-time or repeat buyer, we explain the nitty gritty so you know you\u2019re covered in every circumstance.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Debt-to-income (DTI) is used to compare your monthly debt payments to your monthly gross income. Lenders use this number to assess your ability to manage monthly payments and repay debts, i.e. your borrowing risk. It also gives you an idea of how much house you can afford as you begin your home search. Whether you\u2019re going after a $300k home or a $500k home, knowing your DTI empowers you as a buyer! Why is DTI Important in a Home Purchase? As a key part of a mortgage pre-approval, your DTI helps lenders assess whether you will be able to pay [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":49624,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[262,243],"tags":[],"class_list":["post-3574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-selling","category-mortgages-loans","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Debt to Income Ratio: Tackle Your DTI To Get Pre-Approved!<\/title>\n<meta name=\"description\" content=\"What is debt to income ratio? Learn about this important financial metric and how lenders review this number as you apply for a mortgage. 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