2007-01-03 12:41:48 · 6 answers · asked by Dizzstroyer 1 in Business & Finance ➔ Credit
Mortgage loans are based on your debt to income ratio.
If the debt level is too high then they conclude that you cannot take on additional debt or your qualification amount would be low so that your total debt including the mortgage would only be about 35%.
The real question is How Much debt do you have for your income ?
2007-01-03 12:52:34 · answer #1 · answered by kate 7 · 0⤊ 0⤋
Depends r u in debt real bad, there is a ratio they go by. If u feel u r in debt to much take the time to pay the balances down. Ck. into getting lower interest rates, 1 example putting all credit card debt on 1 card with a low interest rate. Or if possible a bank loan with a low rate to pay off the debt. U not only want a low rate but this will lower ur monthly pmts. Hope this has helped, you will get ur home, HAPPY NEW YEAR!
2007-01-03 12:48:52 · answer #2 · answered by bodacious baby 7 · 0⤊ 1⤋
Sure. But it depends on how much debt you are in. If it isn't too much then you can finance your debts right into the mortgage if you are approved for that amount. I've done it every time I bought a house. I've sold 3 and bought 4. Each time we entered debt free except for the mortgage.
2007-01-03 12:47:51 · answer #3 · answered by Me2 5 · 1⤊ 0⤋
Yes, it is, but if your debt ratio is too high because of these credit cards, it could keep you from qualifying for the loan.
2007-01-03 12:46:10 · answer #4 · answered by kelly h 3 · 2⤊ 0⤋
In this market with all the creative financing available, nearly anything is possible. I know tons of loan officers who would love to help you.
2007-01-03 14:33:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes .but you will want to lower your debt.dont get rid of everything but you should minimize your debt
2007-01-03 14:28:11 · answer #6 · answered by zachary b 2 · 0⤊ 0⤋