what % of income the mortgagor use to qualify for loan?

Asked by Conzy Tompkins, Phil L Hudson Airport, Mesquite, TX Wed Sep 5, 2012

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Michael Byrd, Agent, Arroyo Grande, CA
Wed Sep 5, 2012
There are many, many factors affecting your ratios including your credit score, rate and terms and how conservative or liberal your lender may be. Generally speaking, though, your front-end ration (principal, interest, taxes and insurance) should not exceed 28% of your gross income. Your back-end ratio (total debt to income) should not exceed 36%.

Also be aware that many lenders may be willing to loan you amounts that ought to cause you concern. Always be cautious and comfortable with the loan amount and terms. You don't want to become yet another sad statistic, unable to hold onto your home.
Web Reference:  http://www.slohomestore.com/
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David Norwood, Agent, ARROYO GRANDE, CA
Wed Sep 5, 2012
Every person has different credit scores, and there are several factors that help a lender determine how much one can borrow. So, your question can not be answered as a percentage of how much income one makes to determine how much one can borrow.

Please call or email me tomorrow and I will be happy to provide you a local Central Coast lender that can clearly answer your question.

If you are looking for a home on the Central Coast of California, I can also help your find the perfect home. Feel free to use my free Listing search engine in REAL TIME at http://www.dnorwood.com/MORROBAY.aspx

David Norwood-Central Coast Real Estate 805-471-0828 David@DNorwood.com
Web Reference:  http://dnorwood.com
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