to know if you meet the mortgage qualifications? A
general rule is that you usually can qualify for a mortgage loan
of up to four times your household's pre-tax income (assuming
you have no
debt). Lenders do vary though, and use many different factors to
determine how large a mortgage you can obtain.
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Housing expenses (including mortgage payments, insurance,
taxes, and special assessments) do not exceed 28% of your
gross monthly income.
Remaining debt added to your housing expenses should not
exceed 38% of your gross monthly income.
Your job history is important and it will be a major factor
in whether you qualify for a loan. Continuously working for
two years or more is considered steady employment ( not
necessarily the same job for two years).
Credit History is also a major factor in qualifying for a
loan, but also the interest rate you receive. Lenders
see how you paid your bills in the past as an indicator of
how you will pay your bills in the future. Not only
paying your bills, but paying ON TIME is crucial.
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