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Percent of income allowed for mortgage, taxes and insurance

Profile picture for scotbrit

Conforming primary residence zip code is 93291 and secondary coforming residence is in zip code 93449.

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October 04 2011 - Visalia
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Answers (2)

Profile picture for LUXURY HOME LOANS CA
Most lenders would like this not to exceed 31%. Although, if all your debt including housing is no more than 50% you should be OK. With automated underwriting, sometimes even higher.

Happy funding, Rudi
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October 04 2011
Profile picture for SigmaWealth
Hi,

The percentage you will want to be concerned with is the ratio of your total mortgage payments, (principle and interest), taxes and insurance all divided by your gross income.  If that percentage is 45 or less, you will meet FNMA guidelines for debt-to-income ratio on a conventional loan.  
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October 04 2011
 

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Profile picture for Rudi Hofmann
QuestionPercent of income allowed for mortgage, taxes and insurance
  • Latest answer by Rudi Hofmann
  • October 04 2011
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