How Do I Qualify for a Mortgage?

In order to qualify for a mortgage, most lenders typically require that you have a debt-to-income ratio of "28/36."  This means that no more than 28 percent of your total monthly income (from all sources and before taxes) can go toward housing, and no more than 36 percent of your monthly income can go toward your total monthly debt (this includes your mortgage payment).  Total debt includes any longer term loans like car loans, student loans, credit cards, or any other loans that will take a while to pay off.

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