Home Buying in San Diego>Question Details

pleasantonca…, Home Buyer in Orange, CA

To all kind agents who have provided the answer for my question : I have no debt, my credit score is above 800. I work for federal and I have

Asked by pleasantoncausa, Orange, CA Tue Oct 22, 2013

fixed income. If I need, I can use my 401K, and apply for my SS. My concern is I will have no job at that time, that is all.
May I ask what is the ratio of the mortgage/ monthly income to be qualified ?

Help the community by answering this question:


As long as you can show proof of income that will be long-term, then that should be fine. The income just has to be in place for at least 3 years in the future. When it comes to ratios the people below got it covered for you. But if you have any further questions or need a loan, feel free to contact me. I am a lender based out of Orange County and I have done plenty of loans throughout the state. So feel free to give me a call. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
That is great credit. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Nov 9, 2013
To start, there is more to consider than just the mortgage to income ratio. Lenders want to know you will be able to make your payments until the loan is paid-in-full. You will need to provide proof that you can fulfill your commitment. You may want to acquire your 401K and Social Security benefits before apply for the loan. The average mortgage to income ratio is generally 40-50% of your gross monthly income. Our real estate team is standing by to answer all of your questions and help you find your dream home.

Visit us online at http://www.globenetrealty.com or call us at 714.988.8399
0 votes Thank Flag Link Thu Oct 31, 2013
Well it would be easier to get the loan before you quite. Just be sure that you can make the payments as it would not be a good idea to go into foreclosure.
0 votes Thank Flag Link Wed Oct 23, 2013
Between 40% and 50% of your gross monthly income is a ballpark figure. Be sure to include your total monthly housing payment into the equation --- PITI (principal, interest, taxes and insurance, as well as any mortgage insurance or HOA dues).

If you have questions, I'm here in CA and happy to help.

Rob Spinosa
0 votes Thank Flag Link Tue Oct 22, 2013
Lenders are going to look for receipt of any income. Just because you CAN apply for social security or take money from 401K, this does not mean anything to a lender. You need to actually be receiving this income AND there needs to be proof that this income is likely to continue.

As far as ratios go, in general all your debts, including the new mortgage payment (principal, interest, taxes, and insurance) should be no more than around 45%. The housing ratio should be no more than 30%, although with good credit and a large down payment you might be able to get approved all the way up to 50%.

The only way you can find out for sure is to actually speak to a lender and provide income and asset documents and have your credit run. Anything outside of that would be pure speculation.

Feel free to give me a call or email me if you would like assistance with that.


Tony Grech | Mortgage Loan Originator | NMLS #977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383
Fax (248) 945-4842

0 votes Thank Flag Link Tue Oct 22, 2013
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