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 ivan3mw
Joined: 11 Sep 2008
Posts: 7
4.27 Dollars($)
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 Posted: Mon Oct 06, 2008 2:16 pm Post subject: Do lenders allow 40+ TDS |
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Do lenders allow 40% + Total Debt Service ratio and and 32%+ Gross Debt Service? Internet seems to show it as a benchmark that all lenders follow, but its hard to believe.
What are the actual ceilings lenders go for?
sorry for the previous post, forgot to login: http://www.mortgagefit.com/know-how/about14275.html |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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| Posted: Tue Oct 07, 2008 4:15 am Post subject: |
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Hi ivan,
Welcome to our forums.
The standard total debt service ratio and gross debt service ratio shouldn't exceed 40% and 32% respectively. However, there can be minor variations in your TDS and GDS ratios from the standard figures, which lenders in Canada may approve of when it comes to offering a loan. By the way, tell us more about your situation, so that we can give you some better suggestions.
Good luck
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Mortgage Shopping made easy with booklet |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
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| Posted: Tue Oct 07, 2008 8:22 am Post subject: |
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i just answered the 32/40 question on the other post...(shaking my head).
what is this canadian aspect of the question?
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George M. Akerley
Loan Consultant
860-221-5044 |
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Guest
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| Posted: Tue Oct 07, 2008 10:22 am Post subject: |
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hey! Thanks for your helpful feedback. I am writing an article, so I needed some input from professionals.
That was me in another post George ))) Forgot to log in. |
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elnoralittle
Community Experts
Joined: 01 Oct 2008
Posts: 257
Location: Maryland
20.24 Dollars($)
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| Posted: Tue Oct 07, 2008 12:32 pm Post subject: |
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That is the general guideline, but there are compensating factors that would get an approval with higher ratios.
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Elnora Little
First Home Mortgage
First in Customer Service!
301-437-5605 |
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