These are the simple guidelines that lenders are following today.
Qualifying Ratios: How much can you afford ( or qualify for)?
- Debt (monthly credit obligations) to Income (monthly gross or net income) Ratios determine if the buyer can afford the home.
Basic Items needed for Loan Qualification (get these ready before you finalize a contract to purchase):
- Most recent two years filed Tax returns - all pages.
- Most recent W-2 for two years.
- Year end pay stub and most recent 30 day pay stubs
- Your bank statement showing you have the cash for down payment and expenses to close.
When you know what you can afford, give me a call and I'll help you find it.