Final answer:
Lenders generally want to see no more than 40-43% of your net monthly income going toward existing debts, including housing payments.
Explanation:
False. Lenders generally want to see no more than 40-43% of your net monthly income going toward existing debts, including housing payments. This is crucial as having a debt-to-income ratio exceeding this range can impact your ability to secure a mortgage.
For instance, if your gross monthly income is [tex]$6,000 and your total debt payments amount to $[/tex]2,000, your debt-to-income ratio would be 33% (which falls below the 40-43% limit mentioned).
It is essential to keep this ratio in check to increase your chances of qualifying for a mortgage and avoid potential financial strain.
Learn more about Debt-to-income ratio and mortgage qualification here:
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