There’s variation in specific requirements from one lender to another. your debt-to-income ratio would be $1,500/$5,000 or 30%. To qualify for a conventional mortgage, your debt-to-income ratio is.
· Qualifying for a mortgage. – Your credit score – The amount of your down payment – Your liquid assets – Steady employment / income for the past two years – Your debt – Debt-to-income ratio below the lender’s threshold (usually between 36 percent and 40 percent).
Although you can technically qualify for a conventional mortgage with as little as 3 percent or 5 percent down with some of Fannie Mae’s low down-payment programs, buying a higher priced home in a.