The most important calculations lenders look at when evaluating your finances for a loan are your debt-income ratio (DTI) and credit score. These metrics indicate how reliable you are to make your monthly payments on time.
Specific DTI Requirements for Loan Programs
Conventional
Max DTI 50%
You can allocate up to 50% of your monthly income towards total debt. This includes your mortgage payment..
FHA
Max DTI 56.99%
You can allocate up to 56.99% of your monthly income towards total debt. This includes your mortgage payment.
VA
No Max DTI
Typically, you can allocate up to 41% of your monthly income towards total debt, however there is no stated max.
Jumbo
Max DTI 50%
You can allocate up to 50% of your monthly income towards total debt. This includes your mortgage payment.
The most important calculations lenders look at when evaluating your finances for a loan are your debt-income ratio (DTI) and credit score. These metrics indicate how reliable you are to make your monthly payments on time.
Specific DTI Requirements for Loan Programs
Conventional
Max DTI 50%
You can allocate up to 50% of your monthly income towards total debt. This includes your mortgage payment.
FHA
Max DTI 56.99%
You can allocate up to 56.99% of your monthly income towards total debt. This includes your mortgage payment.
VA
No Max DTI
Typically you can allocate up to 41% of your monthly income towards total debt, however there is no stated max.
JUMBO
Max DTI 50%
You can allocate up to 50% of your monthly income towards total debt. This includes your mortgage payment.
Use our intuitive tool to see what you can qualify for
Pre-approval
Complete your full loan application will all your info
Evaluate Your Options
We’ll send you all the rates and terms so you can make an informed decision
Choose Your Mortgage Loan
Select the loan offer that best meets your needs
A simple 4-step loan process
1
Pre-qualification
Use our intuitive tool to see what you can qualify for
2
Pre-approval
Complete your full loan application will all your info
3
Evaluate Your Options
We’ll send you all the rates and terms so you can make an informed decision
4
Choose Your Mortgage Loan
Select the loan offer that best meets your needs
FAQ’s
What is a pre-approval?
Before you’re able to secure a loan, you need to determine how much money a lender will let you borrow.
Can I look for homes before I have a loan?
The pre-approval process indicates how much money you’ll be able to take out in a loan, so it’s much better to have this information before you start looking.
How do I get pre-approved?
You’ll need to provide lenders with all of your up-to-date financial information. This includes checking your credit, current debt, and income.
How do I check my credit score?
Major credit bureaus allow people to request a free copy of their credit score every year. Visit www.annualcreditreport.com to get a copy of your credit report
Do I need to get pre-approved now?
As soon as you’re ready to start looking for homes, you should get pre-approved. Home sellers will want to know that you’ve been properly vetted for a loan before you can submit an offer.
How fast is the pre-approval process?
It’s typically a very quick process once you’ve completed a loan application. Then the lender will evaluate your application and credit situation to see what you qualify for.
