It is true: your debt-to-income ratio is considered when determining specific loan qualifications. However, debt by itself does not disqualify you. In fact, having a goal of being debt free will likely stifle your ability to buy sooner rather than later. And so other factors are considered to qualify: your income, your time on the job and your financial reserves all matter. The question you need to consider is: “Can you pay your existing debts and other reoccurring living expenses and a mortgage payment monthly?” We will help you prepare, and pre-approval strategy meetings will help you get comfortable. So get comfortable with debt and learn how to buy a home the right way. Ask us how.
*Not intended as legal, accounting or investment advice. Contact your financial representative for more information.