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ivan3mw · Joined: 11 Sep 2008 Posts: 7 4.47 Dollars($)

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

Caron · Posted: Tue Oct 07, 2008 4:15 am Post subject:

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

gmakerley · Posted: Tue Oct 07, 2008 8:22 am Post subject:

i just answered the 32/40 question on the other post...(shaking my head).

what is this canadian aspect of the question?

Posted: Tue Oct 07, 2008 10:22 am Post subject:

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.

elnoralittle · Posted: Tue Oct 07, 2008 12:32 pm Post subject:

That is the general guideline, but there are compensating factors that would get an approval with higher ratios.

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Do lenders allow 40+ TDS