The income ratio includes your monthly expenses divided by your income, while the debt ratio includes your monthly expenses plus any debt divided by your income. A loan’s standards are that you should have a 28% income ratio and a 36% debt ratio.
The income ratio includes your monthly expenses divided by your income, while the debt ratio includes your monthly expenses plus any debt divided by your income. A loan’s standards are that you should have a 28% income ratio and a 36% debt ratio.