Standard debt consists of:
#1 housing expenses
#2 recurring debt

#1 includes mortgage payment, LOC payment, mortgage or hazard insurance, property taxes (if paid separately) and coop, condo or homeowner monthly fees (maintenance charges, running assessments).

#2 includes student loans, car loans, child support, alimony, credit card payments and any other running obligations that won't be paid off in a relatively short period of time (typically 6 to 12 months).

Also, boards sometimes forget to consider if a buyer's income can meet the other expenses we all have: phones, cable TV, utilities, Internet, commuting to work, laundry/dry cleaning, food, OOP medical/dental, even beauty salon/barber, gifts, leisure (dining out, movies), vacations, pet costs (food, medical), clothing. Also consider if the buyer has furniture, etc. that he's bringing from his current home or if he has to buy them (if he comes from his parents' home, a college dorm or was a roommate with someone who had an apt and owned all the furniture).

You can't pinpoint all the expenses someone has, but things add up. Ever take $100 out of an ATM, then wonder three days later why you only have $18 left? Time flies, and so does money!