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DENVER COLORADO MORTGAGE LOAN INFORMATION

EXPLANATION OF THE "DEBT RATIO'S" PROGRAM

(FOR A CONVENTIONAL MORTGAGE PROGRAM ONLY)

A...MONTHLY HOUSING EXPENSE-TO-INCOME RATIO: To developed the monthly housing expense-to-income ratio, the lender must first determine the borrower's total monthly housing expense. Monthly housing expense is the sum of--

• the monthly principal and interest installment for the mortgage that is secured by the borrower's principal residence,

• escrow deposits for the hazard insurance premium, the real estate taxes, the mortgage insurance premium, any owners association dues,

• any payments required for subordinate financing.

The benchmark monthly housing expense-to-income ratio for conventional mortgages is 28% of the borrower's stable monthly income.

B....TOTAL OBLIGATIONS-TO-INCOME RATIO: To developed the total obligations-to-income ratio the lender must first determine the borrower's total obligations. Total obligations are the sum of:

• the monthly housing expense,

• monthly payments on installment and revolving debt that extend beyond ten months,

• monthly mortgage payments on any non-income producing real estate,

• monthly alimony, child support, maintenance payments, or child care on FHA and VA.

The benchmark total obligations-to-income ratio for conventional mortgage is 36% of the borrower's stable monthly income.

C....COMPENSATING FACTORS: A higher monthly housing expense-to-income ratio or a higher total obligations-to-income ratio (or both) may be acceptable for mortgages that have loan-to-value ratios of 90% or less, if the borrowers:

• are making a large down payment toward the purchase of the property;

• have a demonstrated ability to devote a greater portion of income to basic needs like housing expenses;

• have a demonstrated ability to accumulate savings and to maintain a good credit history or a debt-free position;

• have net worth substantial enough to evidence their ability to repay the mortgage.