| Buying a Home - how to get qualified for a motgage loan
Buying
a home - How does a mortgage lender qualify you for a home loan?
The
mortgage lender considers your debt-to-income ratio, which is a comparison
of your gross (pre-tax) income to housing and non-housing expenses.
Non-housing expenses include such long-term debts as car or student loan
payments, alimony, or child support.
According to the FHA, monthly
mortgage payments should be no more than 29% of gross income, while the
mortgage payment, combined with non-housing expenses, 4 should total no
more than 41% of income.
The lender also considers cash available for down
payment and closing costs, credit history, etc. when determining your
maximum loan amount.
>> Next find out
what a credit
score is when buying a home
|
