Episode 088: How Your Debt-To-Income Ratio Is Holding You Back

Many people think a down payment is their biggest hurdle to homeownership, but it’s not. On this week’s episode we discuss the debt-to-income ratio and how it’s keeping renters from becoming homeowners. Check out the full episode and if you have questions about how to get started with Homeowner Prep, be sure to reach out to us or drop your question in the comments.

// SHOW NOTES

00:00 The Biggest Hurdle In The Home Buying Process

00:16 Intro

00:38 Welcome To The Homeowner Prep Podcast

01:11 What Is A Debt-To-Income Ratio?

01:32 What Is The Ratio Needed To Qualify?

02:13 Let’s Break Down An Example

03:37 So What Are Your Options?

03:55 Option 1: Earning More Income

04:46 Option 2: Pay Down Your Debt

05:18 Recent Statistics On Debt

05:48 Why Is Credit Debt Becoming A Bigger Issue?

06:38 Recent Trend Impacting Millennials

07:15 A Temporary Credit Card Solution

07:53 We Live In The Gig Economy, Take Advantage

08:13 Getting Started With Homeowner Prep

08:31 Connect With Us On Social Media

09:03 Outro

// IMPORTANT RESOURCES

Get Started With HomeownerPrep:

https://www.homeownerprep.com/start 

Support Our Mission:

https://www.homeownerprep.com/support

Manage Your Credit Score with MyFICO:

https://bit.ly/HP-FICO 

Build Your Credit Quickly:

https://bit.ly/HPP-Self

Start Budgeting Today with Rocket Money:

https://bit.ly/HP-Rocket

Down Payment Assistance Programs:

https://bit.ly/HPP-DownPayment 

Subscribe to Our Channel:

https://bit.ly/HomeownerPrepYTSub 

// CONNECT WITH US

Instagram: http://www.instagram.com/HomeownerPrep 

Facebook: http://www.facebook.com/HomeownerPrep 

Twitter: http://www.twitter.com/HomeownerPrep 

TikTok: http://www.tiktok.com/@HomeownerPrep 

// ABOUT HOMEOWNER PREP

Homeowner Prep helps aspiring first time homeowners through real-world advice and accountability. This podcast was created for those who dream of owning their first home – and are willing to do whatever it takes to make their dream a reality!

DISCLAIMER: The content we distribute is for educational purposes only. Seek professional financial, tax, and legal advice for your particular situation. Also, links included in this description might be affiliate links. If you purchase a product or service with the links that we provide, we may receive a small commission. There is no additional charge to you! Thank you for supporting our channel so we can continue to provide you with great content!

// LICENSE INFO

DRE: 01780767

NMLS: 2218002

#buyingahome #realestateadvice #homeownership

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