Taking out a loan for a major purchase, opening a new credit account, maxing out a credit card….all of these actions can negatively impact your debt-to-income ratio (DTI), a huge criteria in qualifying for home financing.
Your DTI is your recurring monthly debt divided by your monthly gross income. Most first-time homebuyers have no idea what their DTI is and, in turn, don’t know that it affects their buying power when looking for a home. Any extra costs, such as car payments, increase this number. The lower the number, the better.
Academy Mortgage specializes in helping first-time homebuyers attain the dream of homeownership. There are many loan programs designed specifically for first-time homebuyers, and our Loan Officers can customize a solution for you based on your unique needs and financial situation. We commit to providing you accurate, timely, and honest mortgage advice and to maintaining continuous communication with you throughout the entire transaction.
Make Academy Mortgage your 1st CHOICE for financing your first home!
At Academy Mortgage, we create life-changing experiences through lending. CONTACT US today to explore your financing options.