Mortgage companies use ratios to analyze your mortgage payment. The housing payment ratio (or front ratio) used in this calculation is 30%. The housing expense, or front ratio, compares your total mortgage payment to your monthly income. The total debt expense ratio (or back ratio) is 36%. This total debt expense, or back ratio, compares your total monthly obligations including your total mortgage payment to your monthly income. In addition to the affordability issue the lender will most likely have a FICO score requirement.

Before you do anything you need to find out what you can afford. This process is rather simple although it is tedious in nature. Feel free to call 310-275-2076 so that you can speak to our in house Loan Officer Carlos Gonzalez. He has over 20 years experience with loans and will be able to guide you through the mortgage loan maze.