Yes, it is possible. Lenders use your debt-to-income (DTI) ratio to decide whether to lend you money. A lower DTI ratio means you have less debt relative to your income. This makes you more attractive to lenders because you’re seen as a lower risk, and you’ll be offered more deals. If your DTI ratio is high, fewer lenders will be willing to lend you money, even if you’re a professional.
Generally, a good debt-to-income (DTI) ratio to aim for is between 36% and 43%. Some lenders may go higher, but the lower your DTI, the more likely you are to be accepted for a mortgage. Different lenders have different DTI requirements, so it’s important to compare multiple lenders before applying (Young and Zinn 2022, Forbes Advisor.)