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    Maneet Anand

    Yes you can! However, it may be more difficult for you to get one, compared to others without debt.

    The mortgage lenders in the U.S. will make a thorough investigation of whether you can afford the mortgage along with the debt or not. You may think “well the mortgage is going cost the same as my rent, so obviously I can afford it“, but the mortgage lender will be thinking ahead to when interest rates go up in the years to come.

    However, you can improvise your chances of getting a mortgage by following some important steps to influence the mortgage lender's decision-

    1. Determine your current monthly obligations. The lender will use the minimum monthly payment, not the actual amount paid. Add all these items together; do not include things such as taxes, clothing, food, utilities or cell phone payments. Add this amount to the estimated proposed loan payment for the mortgage.
    2. Get hold of your most recent pay stubs to calculate your gross income figure (before any taxes or deductions for anything) when calculating your income.
    3. Divide your amount of debt, including the proposed mortgage payment, by your gross monthly income. This figure is your DTI (Debt to Income) Ratio. If it exceeds 45 percent, you will need to lower your DTI to qualify for a mortgage.
    4. Find a way to lower your DTI. There are two ways: earn more income or owe less monthly debt. The easiest way is to pay down credit card debt. You may get yourself a second job to do so. However, a second job’s income cannot be used to qualify for a mortgage unless there is a 2-year history of having more than one job.
    5. Find ways to earn more money. Raises and promotions provide the easiest way to raise your qualifying income. Any income not normally received for 2 years is not eligible for qualification.

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