Quote:
Originally Posted by hometeam
Well debt to income can be a deal breaker in some cases. When I bank looks at your DTI they look at your current monthly outgo versus your gross income. If your making 18.50 your making roughly 3330 a month (x40/x4.5) Your monthly bills (this includes things like your rent, and any debt payments not things like your electric bill etc) determine your DTI. All banks have different debt to income requirements but the lower the better obviously.
To add on to that, there are lots of things that go into that loan decision like I mentioned before. Banks have different combinations which work for them, but basically they look at DTI, Score, total debt, and some banks things like time on job or time at address. They then assign you a tier based on that score, and what tier you end up in decides what kind/amount of loan you can get, if any.
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cool thanks, that clears a lot of things up for me.