- This topic has 9 replies, 5 voices, and was last updated 9 years, 11 months ago by Anonymous.
- May 4, 2011 at 4:13 am #425629AnonymousInactive
The main thing is how much are you borrowing? and what is the loan to equity value.
best to say that if your mate makes $ 30,000 you can safely borrow about $ 75,000 with 5% down.
- May 4, 2011 at 4:34 am #425630AnonymousInactive
sure. The 30k will be the income used. However, they will count debt that is in the working spouse and that is held jointly.
based on 30k income, I would recommend a mortgage of NO MORE then 500 a month or 75,000 plus your down payment.
FHA has 3.5% down and USDA loans are 100%.
- May 4, 2011 at 5:20 am #425631AnonymousInactive
It’s not about who is working but how “safe” the lenders think their money will be. They go by a debt to income ratio, basically. If you earn enough money with one paycheck, you will qualify for a loan up to a certain value. (Get a preauthorized loan before going house hunting.) If you owe too much on other debts, such as credit cards or cars, you probably won’t qualify for a loan.
There are some programs out there for first time home buyers. Check with your lender or real estate agent to see if you qualify. I was able to purchase a house with 0 down payment through a state program where I live.
- May 4, 2011 at 5:29 am #425632AnonymousInactive
You can definitely qualify for a mortgage.
Mortgage Lenders approve on a few criteria mainly funding ratios and credit scores. Lenders I work with like to see
35% GDS and 42% TDS.
GDS = Principle, Insurance, Tax, Heating
TDS = GDS + any debt
So if making $ 30,000 (close to $ 21,000 after tax) and has NO debt
$ 21,000 divided monthly $ 1,750 (But you can only use a max of 35% of that income) so,
$ 583.00 for a monthly mortgage payment (only 33% GDS)
So with a rate of 3.79% 5yr fixed at @ 35 yr am and 5% down you qualify for a $ 100,000 mortgage. The monthly payments are $ 582.53 Happy house shopping!
Hope that helps!
- May 4, 2011 at 5:58 am #425633AnonymousInactive
Income related. You will be approved for a mortgage of 90k
- May 4, 2011 at 6:28 am #425634AnonymousInactive
just use one spouse and one spouse’s credit that way if you can eliminate any of the others possible debt. the approval will be lower with a lower income too, but maybe you’re not looking for a lot! =)
- May 5, 2011 at 3:57 am #202764AnonymousInactive
For around, ?20,000. So far it is First Plus with 6.9% APR Typical, anything lovwer than that?
- May 5, 2011 at 6:58 am #258611AnonymousInactive
6.9% sounds unbelieiable cheap for a Debt Consolidation loan
I assume it is, in fact, a Secured Loan on your house i.e. a Mortgage, so I doubt you wil be able to beat that rate
I’ve heard of despearte people being offered rates of 3% .. but that’s ‘per month’ (i.e. over 36% a year)
- May 11, 2011 at 1:19 am #271535AnonymousInactive
I’m just to cross my fingers that you get sorted out.
You’ll have to beat their credit scoring before you get the loan…
They may not be too happy to take on a ?20k consolidation debt unless it is secured on your property of other assets.
- May 12, 2011 at 4:47 am #273086AnonymousInactive
Who do you bank with?
I always found my bank helpful they are the Halifax, I had a consolidation loan of ?25k for 5.9 apr but then I am a customer with a clean record.
Your credit rating makes the difference on what is the best rate and due the recent interest rises things are going to change again I would think
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