Debra Colbert, Realtor

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$5.5M Las Vegas Ultra Rich Modern Home For Sale 6,817 Sqft, 5BD, DEN, 6BA, 3CR, Guard Gated, Pool New Custom Luxury Estate in guard gated Vintage Valley. The 6817 square foot estate sits on a half-acre+ corner lot with 5 bedrooms, 6 bathrooms, 3 car garag...

False ❌, you may still qualify!

You don’t need to be 100% debt-free to buy a home or qualify for a mortgage. There are certain things that lenders will look at though, one of the most important being your current debt and how it compares to your income.

When calculating your debt-to-income ratio based on your recurring monthly payments, your student loans will be included as part of your monthly expenses, however, you only need to include your minimum required monthly payment.

Lenders like to see a debt-to-income ratio of 50% or less, so if your student loans are or other monthly expenses are contributing too much, focus on paying them down before you consider buying a home. If you’re still set on buying a home, there are other steps you can take to improve your chances of qualifying for a mortgage.

✔️ Consider loan types other than a conventional loan if your DTI ratio is too high|
✔️Pay off another debt to eliminate recurring expenses and free up cash flow
✔️ Increase your income with a side hustle to help lower your DTI ratio

Have questions? Let’s chat!

Let’s discuss another home-selling myth you need to stop believing:

❌ MYTH: Set a high asking price to allow room for negotiation

✔️ FACT: Contrary to what you may believe, this can actually drive buyers away because if your home is priced too high, buyers won’t bother even looking — especially considering comparable homes that are priced right.

If the demand is there, the price will naturally work its way up. Work with your agent to set a reasonable listing price to ensure you attract the right kinds of buyers and offers.

DM me and let’s chat more about what to do and what not to do when selling your home.

Debra Colbert
Realtor ®
Keller Williams North Atlanta
📞 o: 770.663.7291
c: 678.886.0534
✉️[email protected]
📍5780 Windward Parkway, Suite 100 Alpharetta, GA 30005




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