To qualify for a mortgage, most lenders require that you have a debt-to-income ratio of "28/36." That is, no more than 28 percent of all your monthly income (before taxes) can be used for housing, and no more than 36 percent of your monthly income can be used to pay your total monthly debts (including your mortgage payment). They will consider any longer term loans in this calculation (auto loans, student loans, credit cards debts, etc.). It is important to look at what you can realistcally afford, and not to get over-extended or 'house poor'.
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Posted : April 01, 2009 | 
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