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COLORADO MORTGAGE LOANS RE AVAILABLE, COLORADO MORTGAGE LOANS ARE EASY TO ACCESS
PERTINENT INFORMATION, COLORADO MORTGAGE LOANS HAVE MANY DIFFERENT PROGRAMS, COLORADO
MORTGAGE LOANS NEED TO BE COMPARED, COLORADO MORTGAGE LOANS, RECOMMENDS, GETTING APPROVED
BEFORE YOUR HOME SEARCH. IT WILL INCREASE YOUR NEGOTIATING POWER!
ENGLEWOOD COLORADO MORTGAGE LOAN INFORMATION
EXPLANATION OF THE "DEBT RATIO'S" PROGRAM
(FOR A CONVENTIONAL MORTGAGE PROGRAM ONLY)
A...MONTHLY HOUSING EXPENSE-TO-INCOME RATIO: To develope the monthly housing
expense-to-income ratio, the lender must first determine the borrower's total monthly
housing expense. Monthly housing expense is the sum of--
- the monthly principal and interest installment for the mortgage that is secured by the
borrower's principal residence,
- escrow deposits for the hazard insurance premium, the real estate taxes, the mortgage
insurance premium, any owners association dues,
- any payments required for subordinate financing.
The benchmark monthly housing expense-to-income ratio for conventional mortgages is
28% of the borrower's stable monthly income.
B....TOTAL OBLIGATIONS-TO-INCOME RATIO: To develope the total obligations-to-income
ratio the lender must first determine the borrower's total obligations. Total obligations
are the sum of:
- the monthly housing expense,
- monthly payments on installment and revolving debt that extend beyond ten months,
- monthly mortgage payments on any non-income producing real estate,
- monthly alimony, child support, maintenance payments, or child care on FHA and VA.
The benchmark total obligations-to-income ratio for conventional mortgage is 36% of
the borrower's stable monthly income.
C....COMPENSATING FACTORS: A higher monthly housing expense-to-income ratio or a
higher total obligations-to-income ratio (or both) may be acceptable for mortgages that
have loan-to-value ratios of 90% or less, if the borrowers:
- are making a large down payment toward the purchase of the property;
- have a demostrated ability to devote a greater portion of income to basic needs like
- have a demostrated ability to accumulate savings and to maintain a good credit history
or a debt-free position;
- have net worth substantial enough to evidence their ability to repay the mortgage.