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mortgage laws

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Truemaster422 Joined: 26 May 2011 Posts: 1 1.32 Dollars($)	Posted: Thu May 26, 2011 8:43 am    Post subject: mortgage laws Like 0 Dislike 0 Can a lender make a mortgage loan of $790,000.00 to a person making about 47,000.00 Which mortgage laws apply.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu May 26, 2011 9:57 am    Post subject: Like 0 Dislike 0 No, you would need to earn about $10,000 to be able to qualify for that mortgage. The payment just for principal and interest is more than your yearly income. With your income, you would be limited to about 250k. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu May 26, 2011 8:10 pm    Post subject: Like 0 Dislike 0 Hi Truemaster, You should contact the local lenders and apply for a loan. They will go through your financial situation and let you know how much loan you can qualify for. You can even check out the given calculator for the same: http://www.mortgagefit.com/calculators/howmuch-afford.html Thanks
unab Joined: 25 May 2011 Posts: 68 9.62 Dollars($)	Posted: Thu May 26, 2011 9:34 pm    Post subject: Like 0 Dislike 0 You are supposed to contact the loan originators in this case. Based on the financial determination made by the lender your loan amount will be calculated.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri May 27, 2011 12:17 pm    Post subject: Like 0 Dislike 0 The question posed was, on the face of it, ridiculous. No lender with any sense would grant a loan of $790K to a borrower with income of $47K. "Contacting the local lenders" in order to apply for a loan would probably lead to gales of laughter around the office as the loan officers considered the possibility of a person with that income borrowing such an amount. Unab's comment that the "loan amount will be calculated" based on "the financial determination" is lamentably true, albeit not very helpful. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
tomburris Community Expert Joined: 03 Oct 2007 Posts: 135 Location: North Dallas 19.12 Dollars($)	Posted: Thu Jun 02, 2011 1:15 pm    Post subject: Like 0 Dislike 0 can they? yes will they? no it is not a law question. it is a loan guideline question _________________ Tom Burris Mortgage Banker 214-763-4629 cell/text/nights/weekends http://www.dallasloanguy.com/ Location: North Dallas, TX Coverage: The entire Great State of Texas NMLS# 335055

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