Moneyhungri, Both Buyer and Seller in Fort Lauderdale, FL

Does the lender decide the max loan amt. that I can afford?

Asked by Moneyhungri, Fort Lauderdale, FL Thu Mar 7, 2013

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Answers

7
In a way yes, they will tell you the max they will lend you which determones what price range you should be in. You may want to get a local and experienced buyer broker who can guide you through choosing a lender and getting pre-qualifed.
1 vote Thank Flag Link Fri Mar 8, 2013
Yes they do, but you ultimately must be smarter and decide what you can comfortably afford to pay. Banks sometimes will loan you more than you want. You do not want to be house poor. You have a life to live besides that. So what total house payment will you be comfortable in paying?
1 vote Thank Flag Link Fri Mar 8, 2013
Yes, the lender makesmakes the final decision on loan amount after reviewing income, credit history, property value and condition.
1 vote Thank Flag Link Thu Mar 7, 2013
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The loan amount will be decided by your CLADD (Credit, Liabilities, Assets, Debt to income ratios and Down payment

However, the great "Community Organizer" and Barney Frank have crippled lending in America with the crushing over-regulations in this anti-consumer Dodd Frank Financial Reform Act.

BTW- only 40% of this nasty bill has been implemented with 60% to go, so you had better act quickly if you want to qualify for the highest Loan Amount.

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1 vote Thank Flag Link Thu Mar 7, 2013
Trulia is awesome, that was fast, thanks ya'll!
0 votes Thank Flag Link Thu Mar 7, 2013
The lender decide the maximum loan amount that they can lend you.
You decide if you want to spend all your loan or buy something for less than your approved amount.
In some cases you may buy more than the loan amount, if you bring CASH to pay for the diference.
0 votes Thank Flag Link Thu Mar 7, 2013
There is YOU, and there is the LENDER:
Which do you think will decide that?
0 votes Thank Flag Link Thu Mar 7, 2013
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