Should your mortgage be no more than 31% of your income, and does that include 1st and 2nd?

September 3rd, 2010 | by admin |
MichelleG asked:


I have just recently applied for a loand modification (no response yet) and then I heard that what will likely happen is that they will try to make my home mortgage payment no more than 31% of mine and my husbands income. Now will that mean my 1st and my 2nd loan combined will not be more than 31% of our income?

Graco Paint Sprayer
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    1. No Responses to “Should your mortgage be no more than 31% of your income, and does that include 1st and 2nd?”

    2. By Ryan M on Sep 6, 2010 | Reply

      31% includes ALL mortgages, property taxes, AND insurance

    3. By Lauren F on Sep 8, 2010 | Reply

      First and second loan, plus property taxes, property insurance and PMI if applicable.

    4. By Liv on Sep 16, 2010 | Reply

      The debt to income ratio lenders compare your monthly income and expenses.

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