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Who Said Getting a Mortgage Has to Be Hard?

Buying a home can be one of the most exciting times of your life, but it can also be one of the most stressful. Midtowne Mortgage guides clients through the process of obtaining a mortgage and provides assistance afterward, as well.

Located in Macon, Georgia, the Midtowne Mortgage team enjoys uplifting our clients and providing first-rate service every step of the way!

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Have questions about applying for a mortgage?

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Debt-To-Income Ratio

The first number is how much (by percent) of your gross monthly income can be spent on housing. This ratio is based on your total payment, including hazard insurance, homeowners’ dues, and PMI.

The second number is the percent of your gross income every month, which can be applied to housing expenses and recurring debt. Recurring debt includes vehicle loans, child support, and monthly credit card payments.

debt to income ratios

Conventional 

                                            The below ratios can all be expanded. Talk to your Loan Officer for more details. These are all examples and can vary. 

 

28/45
These ratios can be expanded, talk to your loan officer. These are examples!
Gross monthly income of $2,700 x .28 = $756 can be applied to housing

Gross monthly income of $2,700 x .45 = $1,215 can be applied to recurring debt plus housing expense

FHA Qualifying Ratio

41/50
These ratios can be expanded, talk to your loan officer. These are examples!
Gross monthly income of $2,700 x .41 = $1107 can be applied to housing

Gross monthly income of $2,700 x .50 = $1,350 can be applied to recurring debt plus housing expenses

Midtowne Mortgage
2614 Riverside Drive,
Macon, GA 31204-1436

Business Hours:
Monday — Friday:
9:00 AM to 6:00 PM

Saturday & Sunday: Closed