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Fannie encourages mortgage lenders to recalculate debt-to-income ratios just before closing.
If a spending spree sends the debt-to-income ratio too high, the mortgage could be doomed.
The lender looks at the borrower’s minimum monthly debt payments and compares them with income.
If the ratio of debt payments to income is too high, the borrower could be turned down for a mortgage.
There is no charge to receive a Sure Start pre-approval.Following are three things borrowers can do to mess up their next mortgage closing.If you want to implode your impending mortgage, get a new credit card or auto loan.“So if all of a sudden you switch from W-2 to some other kind of compensation, and you don’t have the history, a lot of times that income can’t be included.*Home Path® is a registered trademark of Fannie Mae.
Lenders have gotten stricter in response to the mortgage meltdown a few years ago.