is critical. If you're stacked with debt and your income can't sufficiently handle those payments, that's going to count against you. Typically, 43% is the highest debt-to-income ratio that you can have to get a mortgage. If you want to make a lender smile, be 36% or lower. There are other factors that matter to lenders as well. A lender wants to see that you have cash reserves for times like right now when the economy is upside down.
Better still if you can exceed expectations. Say your lender wants three months of expenses in cash reserves and you can show six months, or you can put up a larger down payment than is required. "Play up these compensating factors because they can compensate for other areas where you might have some weakness," says Khalfani-Cox."The first thing I tell all my clients is to not make any large purchases before applying for a mortgage. I tell them to get all their paperwork together.
To be sure, the somewhat twisted reality is that, as a Black home buyer, you have to prove you're not "guilty," as the expectation may be that you're not worthy.
Not only credit the insurance Industry also. So the credit worthiness concept is bullshit. It is up to the discretion of the person underwriting the insurance or loan. So stereotyping plays huge role in financial industry than credit worthiness.
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