3) Capacity: For how much do you qualify?
That depends on two things: how much your income is and how much monthly debt (auto payments, credit cards, child support, student loans etc.) you have.
As a rule, lenders use a "ratio analysis" which means you should not have more than 30% or 40% or 50% of your reliable monthly income going toward monthly debts including the total mortgage payment. Depending on other factors, you may be able to qualify for a "no income verification loan". Getting answers to these questions is what getting "pre-qualified" or "pre-approved" is all about.
It's fast, easy, and FREE to get preapproved for a loan. To begin,
click here
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