Mortgage lenders generally prefer that total monthly debt payments and housing costs do not exceed 36 percent of gross monthly income.

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This statement is true. Lenders typically use the 36% rule as a guideline to determine how much mortgage payment a borrower can afford based on their income and other debts. This ratio is also known as the debt-to-income (DTI) ratio.

Mortgage Lenders Generally Prefer That Total Monthly Debt Payments and Housing