America's biggest mortgage source is making it easier for millennials to buy their first home

Categorized | STOP FORECLOSURE FRAUD

America’s biggest mortgage source is making it easier for millennials to buy their first home

America’s biggest mortgage source is making it easier for millennials to buy their first home

Business Insider-

In the housing bubble, just about anyone who could apply for a mortgage was able to get one.

A decade after the crash, the largest lenders are loosening their standards again to make housing more accessible to first-time buyers.

Fannie Mae, the largest source of US mortgages, is making it a little easier for people with all kinds of existing debt — including student loans — to qualify for mortgages. The change will kick in on July 29 when the debt-to-income ratio (DTI), a measure of a borrower’s capacity to make payments, rises to 50% from the current 45%.

To understand what that looks like, let’s say a household earns $5,000 a month and makes monthly debt payments totaling $2,250. Its DTI, debt payments divided by income and expressed as a percentage, is 45%. That’s right at the current ceiling, and a lower DTI would be better.

[BUSINESS INSIDER]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8609 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com

Archives