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12-23-2007, 02:06 AM
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 Debt to income ratio
My debt ratio is 27.00%. I personally bring home $3,000 a month (my husband brings home about the same). I have no credit. My husband has pretty bad credit. Will debt to income ratio be a factor in buying a house? How likely am i going to be able to buy a house with just debt ratio?
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12-23-2007, 02:58 AM
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You would be way into sub-prime if you have not a significant down pauyment. I strongly advise against trying to buy without at least 10% down... even if you can get a 95% mortgage, have 10%, to keep a buffer to get you through any rough spots.No creditor in today's market will give 100% mortgage unless they are ripping you off on price or interest rates.
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12-23-2007, 03:01 AM
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You can get a mortgage with no money down, and the rate is still good. I am a mortgage broker, and we do not rip everyone off, like the first person says. The problem is not the down payment, it is no credit score. Some programs allow you to build a credit score by showing phone bills etc. This is a possibilty, email me for more information on that. Personally I would open up a small credit card and pay on it for two months, and then your score may show up.27% for mortgage purposes is fine, after the mortgage is included they like it under 45%. They problem once again is not the debt ratio it is no credit score. If this is your debt ratio, only showing your income and not your husband, you have a chance at buying a house, even without a credit score.
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