Debt-to-Income Ratio Explained (Pt 3 of 6) - Income for Mortgage Qualifying (DTI)

What income do you need to qualify for a mortgage? In this video ( part 2 of a 6 video playlist), I take a deep dive into the income side of the debt-to-income ratio, including specific examples and tips for overcoming obstacles.

Use the chapters to find the income relevant to your situation. And for more don’t miss the full “Debt-to-Income Ratio Explained” playlist:
   • Debt-to-Income Ratios Explained  

These videos address every aspect of the debt-to-income ratio: the debt side of the DTI, DTI thresholds for FHA, VA, USDA, Fannie Mae Freddie Mac and jumbo loans,, how to reverse engineer your DTI and how to optimize your DTI to qualify for the best possible loan terms.

After watching these videos you’ll know everything you need to know about your debt-to-income ratio and how to achieve your homeownership goals!

Have any questions or want to talk about your situation? Let's chat! Schedule a call: https://calendly.com/juleef/let-s-say-hi 📞Text or call 📞: 503-799-3711 To apply: https://rate.com/juleef Lending wherever you want to call “home” 🏠❤️ -- in all 50 states.

In this video:
00:24 - What is my DTI?
00:57 - Background concepts about income
01:41 - A helpful hint
02:35 - Ask questions of your lender!
03:24 - Stability & Continuance
04:16 - Freelance income
04:46 - Bonus income
05:03 - Restricted stock units (RSUs)
05:42 - Income from assets (like a trust)
05:58 - Disability or annuity
06:09 - Income from investments, dividends, interest, capital gains
06:31 - Social security, pensions, and SSDI
06:45 - Support payments, alimony and child support
07:22 - Contract income
08:28 - Stability: the second income test
08:56 - Red flags for stability
09:36 - Using variable income sources
11:17 - Freelance income
11:43 - Self-employment income
12:39 - Gross vs net income
13:51 - IRA, 401k and trust distributions
14:18 - Special case #1: hourly pay that has increased
15:11 - Special case #2: untaxed income
15:55 - Special case #3: rental income
17:28 - Rental income from a lease
18:29 - Rental income from your tax return (Schedule E or form 8825)
19:18 - Adjustments to your tax return
20:30 - Income from a rental you are purchasing
21:27 - Three special cases for rental income
21:54 - Special case #1: boarder income (rent from roommates)
23:49 - Special case #2: ADU income
24:14 - Special case #3: house-hacking, duplexes and other multi-family properties

Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate, Inc NMLS 2611 Equal Housing Lender.
www.nmlsconsumeraccess.org
www.rate.com/licensing
www.rate.com/privacy

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Information provided is for educational purposes only. It should not be construed as financial or legal advice or instruction. Guaranteed Rate does not guarantee or assume liability for the accuracy, completeness, or timelines of the information. You should conduct additional research before making any mortgage related decisions. By refinancing, you may pay more in costs and interest over the extended term. Guaranteed Rate, Inc. cannot predict where rates will be in the future.Guaranteed Rate has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency

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