Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 6 · column 6 of 7 · from the scan, no model involved
Real Estate til
Eileen M. Day REALTOR
DOWN PAYMENT
AFFECTS LOAN
The size of the downpayment can directly affect the buyer’s borrowing power. If the loan is being made by a bank that will sell the mortgage on the secondary market to Fannie Mae and Freddie Mac. the borrower who puts 20% down will usually be allowed to devote up to 28% of the gross, pre-tax monthly income toward housing expenses. Borrowers with 10% down can usually put just 25% of gross income toward housing expenses.
Buyers who can! meet these debt ratios have some options. First, they can seek out a bank that will keep its loan on its books instead of selling it to Fannie Mae or Freddie Mac. Their rate may be slightly higher, but they have a little more leeway in the debt ratios. Also, buyers who cant meet the standard debt ratios may be attracted to an adjustable rate mortgage, its lower introductory rate may make it easier to qualify for a loan or allow the borrower to get a bigger loan and nicer home. If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY. Realtor, The Clopton House. Washington, Va. 22747 Phone 675 3033. We re here to help.
*
80.8%