All Posts Tagged With: "front"
How VA’s Residual Income Factor Keeps Vets Out of Foreclosure
There are multiple reasons why VA loans continue to have the lowest rate of foreclosure of any major lending program. Residual income is a big one. This is a unique credit and underwriting guideline that applies only to VA loans. At the outset, it’s important to differentiate residual income from a debt-to-income ratio. Unlike conventional [...]
12Apr2011 | Chris Birk | 0 comments | Continued
What Are “Front” and “Back” Ratios?
Different loan programs use different calculations, or ratios, to qualify would-be borrowers. The “front” ratio is generally equal to your monthly costs for principal, interest, property taxes, and property insurance (what lenders call “PITI”). The “back” ratio includes the front ratio plus all regular monthly costs such as credit card payments and auto payments. For [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
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