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| Buying a home in today's marketplace is a bit intimidating. |
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| Written by Webmaster | |
| Wednesday, 07 July 2010 | |
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There are two basic guidelines that lenders use to determine what size mortgage you are eligible for: 1. Your monthly mortgage payment of principal, interest, taxes and insurance (PITI) should not exceed 25 to 28% of your real estate training monthly gross income. 2. Your monthly housing cost (PITI) plus other long-term debt should not exceed 33 to 38% of your monthly gross income. Specifically, most lenders will consider 4 key factors to determine your ability to qualify for a home loan: Income - This first element can include not only your gross monthly income and secondary income (commissions, bonuses) but also your history of employment, stability of income, education, even potential for real estate website future earnings. Tag it:                  |
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| Last Updated ( Wednesday, 07 July 2010 ) |
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