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State Select One AK AL AR AZ CA CO CT DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY Closest city Select One Select a state and city to view mortgage bankers. Your search returned no results. NMLS # Locations Debt-to-income ratios When you apply for a mortgage, your lender will analyze your debt ratios, which are also known as your debt-to-income ratios, or DTI. Lenders calculate DTIs to ensure you have enough income to comfortably pay for a new mortgage while still being able to pay your other monthly debts. Two debt-to-income ratios Housing ratio or front-end ratio” Your lender will add up your anticipated monthly mortgage payment plus other monthly costs of homeownership. Other costs of homeownership could include homeowner association (HOA) fees, property taxes, mortgage insurance and homeowner’s insurance. Normally, some of these expenses are included in your monthly mortgage payment. To calculate your housing ratio or front-end ratio, your lender will divide your anticipated mortgage payment and homeownership expenses by the amount of gross monthly income. Total debt ratio or back-end ratio” In addition to calculating your housing ratio, a lender will also analyze your total debt ratio. At this time your other installment and revolving debts will be analyzed and added together. Installment and revolving debts will appear on your credit report. These payments are expenses like minimum monthly credit card payments, student loan payments, alimony, child support, car payments, etc. Your lender will add up all your monthly installment and revolving debts in addition to your estimated monthly mortgage payment and housing expenses and divide that number by your monthly gross income. Debt-to-income limits Generally, your front-end and back-end debt ratios should be 28 percent and 36 percent or lower. FHA limits are currently 31/43, though these can be higher with justification from the lender. VA limits are only calculated with one DTI of 41. USDA limits are 29/41. Some lenders may be able to qualify you with a much higher back-end ratio by getting you approved for a non-conforming loan. A non-conforming loan does not conform to purchasing guidelines set by Fannie Mae and Freddie Mac. These purchasing guidelines usually have to do with standards or limitations on credit scores, LTVs and DTI ratios. Generally non-conforming loans are considered riskier, and a borrower typically has to pay more than they would for a conforming loan. How to fill out mortgage paperwork Mortgage loan applications 101 To get a loan to buy a home, you’ll need to fill out a mortgage application. This application — typically called the Uniform Residential Loan Application, or Fannie Mae Form No. 1003 — will help the lender determine whether you’re a good candidate for a loan and how much they’ll let you borrow. You can fill this form out to get pre-approved for a loan even before you find the property you want, and/or you can use it once you find the property you want and are applying to get a loan. If you’ve never filled out a form like this before, you might feel a little intimidated. But don’t worry: You will work with your lender to complete the form. And this simple guide will walk you through all the types of information that you or your lender will need to provide for a mortgage application, so you know what to expect going in. Type of mortgage and terms of loan You, with the help of the lender, must list which type of loan you want — FHA, VA, conventional or USDA/Rural Housing Service — the amount and length of the loan, the interest rate and some other details about the type of mortgage and its terms. Property information and purpose of loan You will need to write in the details of the property you want to buy — its address, the year built, the legal description of the property and the number of units in the building. Then you will need to write in why you want the loan: Is it to purchase the property, a refinance, a construction loan or some other reason? (If the property is a refinance or construction loan, you will need to provide additional details on the improvements you plan to make, existing liens and a few other details.) You will also need to list whose names the title will be in and the source of the down payment. Personal information You and your co-borrower (if applicable) must fill in your personal information, including your...