28/36 rule for mortgage loans

[Ravi860]

so typical rule says your mortgage payments can’t exceed 36% of all debt to your income every month. That means Mortgage loan approve cheyara if a payment takes more than 36%

[rmJU72]

don’t fret over these technicalities, just talk to a lending officer at ur local credit union and ask them how much you qualify for.

 

[Complex]

don't over think... there are lot of rules like 28/36 to help you stay safe.

Just talk to local lenders and they will give you real world numbers of how much is your buying power.

[perugu_vada]

Peace of mind tho untav long term lo if u follow that rule .. becos illu okkate kadu intlo rooms ni fill chesthuune untam over the period of time 

[Ravi860]

1 hour ago, perugu_vada said:

Peace of mind tho untav long term lo if u follow that rule .. becos illu okkate kadu intlo rooms ni fill chesthuune untam over the period of time 

Correct ea uncle. I am just wondering mortgage loans ela approve chestunnaru ani for desi uncles with single paychecks if they go over the 36% debt to income ratio.. like 50% of paycheck 

[Spartan]

what is that rule

[Ravi860]

14 minutes ago, Spartan said:

what is that rule

What Is the 28/36 Rule? 

The term 28/36 rule refers to a common-sense rule used to calculate the amount of debt an individual or household should assume. According to this rule, a household should spend a maximum of 28% of its gross monthly income on total housing expenses and no more than 36% on total debt service, including housing and other debt such as car loans and credit cards. Lenders often use this rule to assess whether to extend credit to borrowers.

[Thokkalee]

5 hours ago, Ravi860 said:

so typical rule says your mortgage payments can’t exceed 36% of all debt to your income every month. That means Mortgage loan approve cheyara if a payment takes more than 36%

May be 40 varaku allow chestharu… but definitely not more than 50%… car loans etc anni include chesko to be safe.. 

now rates have gone up.. and they are more strict now with following the rules

[ARYA]

If it's not coming from ur loan officer, then don't even care abt it

[guntoor_rathaiah]

loan regect aithe money isthara ?

[guntoor_rathaiah]

i mean down payment

[perugu_vada]

5 hours ago, guntoor_rathaiah said:

i mean down payment

I think yes

[HugoStrange]

13 hours ago, Ravi860 said:

so typical rule says your mortgage payments can’t exceed 36% of all debt to your income every month. That means Mortgage loan approve cheyara if a payment takes more than 36%

Naa loan amount was 45% when mine was pre-approved and 40% at the time of closing. This was calculated for the net income not gross though

[Son_of_surredu]

My rule car loan and home loan pay cheque should go for 1 pay cheque