Originally Posted by Josh M
Wrong..........depending on if you are conforming or non conforming. Mostly what is looked at is the backend DTI(Debt to income) on conforming they like 40-45% of your income tied into bills and living expenses...........on nonconforming they go up to 65%...........
Absolutely correct. I did the whole broker thing for a minute (about 2 months, lol, it was tier 2 and you had to be cold to do it...) I also sold cars for a little over a year, and most of the time that's what it's based on, too. We looked at what you make plus the bills that are absolutely necessary (credit card minimum payments, etc.). Between 35 and 45 percent was the ideal spot.
As for renting or owning... I had to prove 3 times my rent in income, on top of having good credit... Once I make more than my minimum wage, maybe I'll be able to buy a house -- but not for a while
