How does a lender determine the amount one can qualify for when applying for a home loan?

Asked by Trulia Philadelphia, Philadelphia, PA Wed Mar 6, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Fred Glick, Agent, Mountain View, CA
Wed Mar 6, 2013
BEST ANSWER
It's a system that works backwards.

We figure what your debt to income maximum payments can be, then apply them to standardized ratios.

It all goes through the Fannie Mae or Freddie Mac computer systems to determine sale-ability to the secondary market.

They take into account income, assets, credit, appraisal, property type and other factors to garner the approval.
Web Reference:  http://usloans.com
0 votes
Michael Solo…, Agent, Huntingdon Valley, PA
Thu Mar 7, 2013
It is an equation that looks at your credit score your income and your debt
0 votes
Jonathan Unr…, Agent, Lansdowne, PA
Wed Mar 6, 2013
Freds RIght.

Debt to Income Ratio.

My financial manager could help you get preapproved. Email me if your interested. Then we can go look at houses which is the best part other then picking your home that fits your needs!

Jon Unrath
Weichert Realtors Media
267 968 1505
JUnrath12@comcast.net
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more