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QUALIFYING
FOR A MORTGAGE
When making a home purchase, one of the most important aspects for most buyers once they have decided on their choice of a home is meeting the lender's qualifying standards for obtaining the loan.
The elements that the lender Will look for in qualifying a buyer for a loan is the amount of total income, long-term debt such as auto payments. Installment loans and credit card payments. These amounts, along with the projected cost of repaying the mortgage and figuring monthly payments on principal, interest, taxes and insurance are all figured together and subtracted from the total income. From there, the lender will allow a certain percentage of these costs, roughly a third, from the total Income as allowable debt. This so-, called ratio is how the lender qualifies a prospect for a home loan, along with credit history, savings reserves and stability of employment.
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.
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