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7 Insights on How Mortgage Lenders View Debt
When you apply for a mortgage, one of the first things a lender will look at is your credit score. To qualify for a conventional loan, you’ll need a score of at least 620. For an FHA loan, commonly used to help first-time homebuyers and people with credit issues, you must have a minimum score of 500.
 
But nearly all lenders will take a deeper look at your credit profile, especially at the debt you already carry. Whether it’s credit card debt or student loans, the type of debt you have can often make a difference.
How the kind of debt you have impacts your chances of approvalMortgage lenders look carefully at the debt you already owe when evaluating you for a mortgage. In some ways, the debt all counts the same.
 
The most important example is through a metric called your debt-to-income ratio. This is a measurement of your monthly debt obligations as compared to the money you bring in. In most cases, you’ll need to keep this ratio at 43% or lower, according to the Consumer Financial Protection Bureau. The more overall debt you carry, the harder it will be to qualify for a mortgage. 
 
And regardless of the type of debt, mortgage ... more

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