Carlisle Mitchell - Houston - Special Warranty Deed

Carlisle Mitchell - Houston - Special Warranty Deed - A special warranty deed is a deed in which the seller warrants or guarantees the title only against defects arising during the period of his or her tenure or ownership of the property. The grantor makes no warranty against defects existing before the time of his or her ownership.

A special warranty deed is less protective to the buyer than a general warranty deed. The grantor of a special warranty deed conveys the property with two warranties: that he or she received the title to the property; and, that the property was not encumbered during his or her ownership. The grantor of a special warranty deed warrants the title only against his or her own omissions and/or defects, and warrants nothing pertaining to the title prior to his or her possession.

Debt-to-Income Ratio

Debt-to-Income Ratio
The percentage of a buyer's gross monthly income (what he earns before tax deductions) that goes towards paying off debt.

Debts can include car payments, credit card bills, child support payments and student loans.

Conventional loans will allow for up to 45% DTI and FHA loans will allow for up to 42% DTI. The lower a borrower's DTI, the better qualified she is to get a mortgage loan.