💰 What You Need to Qualify for a Loan
Summary
This video explains how lenders determine whether you qualify for a loan, focusing on debt-to-income ratio and property appraisals. The lender adds up all monthly expenses (including student loans, car loans, credit card bills, and PITI, which is the property's principal, interest, taxes, and insurance) to determine your debt number. Then, they divide that number by your gross monthly income (salary divided by 12) to get your debt-to-income ratio, which ideally should be between 43% and 50%.
More from Regulations & Compliance
Carson City, Nevada, is refining its short-term rental regulations. City supervisors are currently reviewing and modifying the local ordinance during a retreat. This review aims to address operational aspects, potentially impacting local hosts through new or revised rules, emphasizing compliance.
A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
Curated by Learn STR by GoStudioM