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thanabong · Joined: 08 May 2007 Posts: 1 1.30 Dollars($)

I'd like to know what would be the maximum loan amount if there're three borrowers applying for one loan. Thank you

Guest

Thanabong, loan amount would depend on the house value you did like to purchase and the amount of down payment you are ready to make.

blue · Posted: Tue May 08, 2007 5:28 pm Post subject:

Hi Thanabong,

Welcome to Mortgagefit discussion board.

Good thing for you would be that you will be able to combine the income of all 3 borrowers while getting qualified for the loan.

But as Jend said, maximum loan amount depends on the kind of house you are looking at. Suppose you have located a $300,000 house, then if you are making 20% down payment then you would be able to get a loan equaling 80% of the value of this house.

If you are not in a position to make 20% down then there are mortgage programs where you can make smaller down payments also.

Give us few more details so that we can give you a better idea of how much you would be able to qualify for.

Thanks
Blue

Guest

colin · Posted: Thu May 10, 2007 5:43 pm Post subject:

thanabong, when you will approach a lender about getting a mortgage, he will ask you about your job, amount of income you make, credit score, other monthly expenses you have to pay for, the price range in which you are looking to buy the house and down payment you would be able to make.

Loan amount you would be able to qualify for will depend on your answer to these questions. 3 borrowers would mean that you will have chances of qualifying for higher loan amount.

Colin

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

You need to provide some more details then only we would be able to give a correct idea of how much loan you would be able to qualify for.

Miller

dilipgagare · Joined: 26 Mar 2009 Posts: 58 0.01 Dollars($)

Dear Friend,
I thing you don't know on which you can get loan.You can loan only home loan or on Mortage.For home loan you should have credit & should show income ,then you should follow all procedure of loan.

And For mortage loan you should show home mortage then you can get loan.

I thing you can got an idea.

Regards
Dilip

gmakerley · Posted: Thu Apr 02, 2009 6:53 am Post subject:

what articulation!

thanabong, please provide additional information. maximum loan limits are established by the secondary market. if you're only speaking about how much the three of you can afford, that's determined by total gross income combined with your existing debt loads.

eric1 · Posted: Sat Apr 18, 2009 5:50 pm Post subject:

I dont think we will hear from him. The original question was posed in 2007.

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