- Deferred student loans (or loans in good standing, aka on an Income-Driven Repayment plan)
- DTI ratio of 45% or less (not including your full student loan amount)
Every lender will have slightly different requirements. Make sure you shop around to see if you meet the requirements for different lenders.
- Taxes and insurance
- HOA fees (if applicable)
Principal: This is the total amount that you’ve taken out for your mortgage or the purchase price of your home. A percentage of your total mortgage payment goes toward your mortgage principal every month. Paying down your principal should be your primary goal. The sooner you can pay off your principal, the less you pay in total interest.
Interest: Depending on your mortgage rate, you’ll pay a percentage of interest over the life of your loan. The longer you pay on your mortgage, the less interest you owe because the total principal amount of your mortgage slowly decreases. Leer más