How do you calculate debt-to-income ratio?
Factor in principal and interest, property tax and homeowners insurance to your payment.
A low credit score may mean a higher interest rate and monthly payment.
Your credit score and down payment savings are factors in qualifying for a home loan.
Besides your down payment, you need to budget for closing costs and money for reserves.
Find the mortgage amount that realistically fits your budget.
Calculate your debt-to-income ratio (DTI) and learn how to lower it.
The factors an underwriter considers when deciding whether to approve your loan.
You can estimate your monthly mortgage payment if you have an idea of how much your new home will cost.