A debt to income ratio (DTI) is the primary factor in determining a borrower’s ability to repay the loan. Your DTI is your minimum monthly debt obligations (what’s included on your credit report) plus your expected housing expense, divided by your gross monthly income. You can see the formula below. DTI = Monthly Debt Obligations + Expected […]
VA Loan Regulations and Fees
Yes, the VA loan program is a federal program. However, the government actually doesn’t make direct loans to veterans. Instead, private lenders are able to finance the loan while the Department of Veterans Affairs offers a guaranty. This guaranty protects the lender against total loss if the the buyer defaults. This provides a nice incentive for […]
