Over 77% of home buyers have at least one auto payment with an average balance of $15,000 and a monthly payment of $434. On average, 9% of prospective home buyers are limited to qualifying for less of a home or not being able to qualify at all based upon one or more auto payments and debt to income ratios that are above lender guidelines.
We can reduce the buyer’s monthly auto payment up to 50% which frees up spendable income that can be used towards mortgage qualifying and reducing their DTI ratios, helping Realtors® sell more homes and lenders close more loans.
Here is an example:
- Buyer’s monthly income: $4,000
- Buyer’s current auto payment: $344
- Buyer’s reduced AAC auto payment: $172
- Buyers qualify to purchase $25,000 more home or reduce DTI ratios by 3%
For Every $100 In Auto Payment We Reduce, DTI Ratios Drop By 1.5%
Contact our office for the name of a participating mortgage lender in your area familiar with our program.
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