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What's your DTI? Be honest now.

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Originally posted by: Ocguy31
LOL. Anyone under 20% must live for free or make a shit-ton of money.

$800 rent (which cant even get you an apartment here) would be ~20% of a 40K year job. Now add in CCs and car loans...
Click to expand...

Not necessarily.

I only make 1-2k a month, but live fine because I don't EVER use credit. I own my house outright, my cars outright, etc. My only monthly payments are my tax portion, utilities, food, insurance, etc.

So I have very low income, but also very low debt to income ratio.
 
Rent is not an actual loan, so I don't know that that would be factored in.

With rent, 37%. Without rent, 9%. My rent is expensive, as are my student loans....
 
It depends IMO on what you're having your DTI considered for. If you're getting applying for a loan on a house, I don't think you'd be inputting your rent as part of your DTI as that would cease to exist.
 
Originally posted by: PrinceofWands
Originally posted by: Ocguy31
LOL. Anyone under 20% must live for free or make a shit-ton of money.

$800 rent (which cant even get you an apartment here) would be ~20% of a 40K year job. Now add in CCs and car loans...
Click to expand...

Not necessarily.

I only make 1-2k a month, but live fine because I don't EVER use credit. I own my house outright, my cars outright, etc. My only monthly payments are my tax portion, utilities, food, insurance, etc.

So I have very low income, but also very low debt to income ratio.
Click to expand...

I agree... I don't make a lot of money, but live within my means. Last June I bought a house for around 127K... the mortgage broker said I could go as high as 350K if I wanted... I wasn't interested at all.

My wife has a 94 Honda Accord with 260K+ miles... I drive a 2000 Mazda Millenia with 117K miles, and bought a 04 Chevy truck in May when the prices hit rock bottom... I only financed it for a year.

I have no credit card debt b/c I worked entirely through college and saved a lot of money. I have a best buy card but it's a 0 balance and only use it for items that I can get 0% for... if I need them.



 
0% for right now. I paid off my car before college, and my first year of college was free from the state & a scholarship. However my dad pays my rent, so I just take up the slack in utilities, groceries, and car items. Thankfully I managed to save enough from my previous job to cover me for awhile, although since I haven't gotten a paycheck since May it's getting harder.
 
We still haven't established if you're supposed to include rent or not.

Without rent, for me, it's 15% (only my car payment). With rent, 40%.

EDIT: Wait, gross monthly income? As in, before taxes?

In that case, my numbers are actually 10.5% and 27%, without and with rent.
 
Gross income without rent?

Hmm, Ill combine my wife and I, student loans and two cars is about 7.5%, add in rent and its about 13%.
 
I'm calling it zero, not factoring in living expenses (rent / utilities) and not considering the CC that I use for day to day purchases that gets paid off every month.
 
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