Two mortgage lenders have told us their qualifying ratio
Look back at your previous performance and analyze your number of suspects, conversion ratio to prospects, qualifying ratio
into the sales funnel, and your close ratio to determine your future.
Analyzing your number of suspects, conversion ratio to prospects, and qualifying ratio
into the sales funnel, along with your close ratio, tells us a lot about your future.
(2) Based on a 25% qualifying ratio
for monthly housing expense to gross monthly income with a 20% down payment.
Plus, you can take advantage of a low down-payment option and a more flexible qualifying ratio
The old measure of debt capacity--the split ratios of housing expense to income and total debt to income (DTI)--have been replaced by a single qualifying ratio
(SQR) that doesn't explicitly take into account monthly household expense.
Several years ago, HUD began to focus on underwriting (e.g., qualifying ratios
and compensating factors), often engaging in Monday morning quarterbacking by focusing on early payment defaults.
Department of Energy, EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios
CBMA offers an affordable mortgage program for LMI borrowers through the Massachusetts Association of Community Organizations for Reform Now with below-market rates, liberal qualifying ratios
, and lowdownpayment requirements.
And last year HUD announced that homes that meet MEC qualify for a 2 percent stretch on loan qualifying ratios
These can include missing or incomplete verifications of employment and deposit, a failure to document adequately the borrower's source of funds invested in the transaction, approval of a borrower with high qualifying ratios
in the absence of sufficient documented compensating factors or with poor credit history, or a miscalculation of the maximum mortgage amount.
Fannie Mae and Freddie Mac responded by expanding qualifying ratios
- the "2 percent stretch." The rationale behind the stretch is simple: Lower energy bills effectively increase the homeowner's ability to handle higher mortgage payments, and hence larger mortgages, than would have been allowed under standard qualifying ratios