How Much Can You Borrow?
How much you can borrow will depend on your income, down payment, job stability, existing debts, credit references and payment history. Lenders usually use the following two qualifying guidelines to decide how much of a loan you can manage:
· Your monthly housing expenses - mortgage payment, property taxes, insurance, etc. These expenses should be no more than 28 percent of your monthly gross income.
· Your monthly living expenses and any long-term debts - utilities, car and school loan, child support, health and car insurance, etc. These expenses should be no more than 36 percent of your monthly gross income.
There are mortgage qualifications that allow higher ratios than 28/36. Contact Frank Armstrong for more information.
You Can Buy a Beautiful Home with Zero Down Payment - NO Matter What Other Companies Say!!
Would you like to own the home you always wanted, without the cash you thought you needed?While most local lenders and bankers promote only 3 to 4 different types of home loans, all requiring high down payments, our team of home lenders have computers, linked to a vast network of payment, and low interest rate home loans for buyers in all price ranges. Right now we have several different home loan programs designed to help people with full time employment, purchase homes in all price ranges for very low down payments - often for as little as zero down. To qualify for these home loans, you need to be employed full time and have a record of paying all your bills on time for the past two years.
For further information on these programs, contact Frank Armstrong.
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