How Lenders See You

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

I found this on a webpage when I was surfing around for a question I had, thought it would be useful here to someone.

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jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

Some more useful advice:

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jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

Buying a home is a big expense and one that will be with you for a long, long time, you should do all your research and don't jump at the first mortgage offer, get a second and third opinion, treat it like surgery. You have options explore them all before making this big decision.

ckalvesmaki · Posted: Mon Jan 21, 2008 9:03 pm Post subject:

While this is a very informative post........DU will actually allow for a 65% debt ratio(back end) and most Alt-A loans will go to 50 or55%....

lisascherzer · Joined: 04 Jan 2008 Posts: 749 94.10 Dollars($)

Every lender differs on how much they will allow for a debt to income ratio thus the amount you qualify with one lender could be different with another.

lisascherzer · Joined: 04 Jan 2008 Posts: 749 94.10 Dollars($)

I also wanted to note that most lenders will allow you to borrow more than you may feel confortable with. They do not take into consideration utilities, day care, etc. I would think about what payment you know you can afford before going out and buying the maximum that the bank says you can afford.

livinginnky · Posted: Tue Jan 22, 2008 12:36 pm Post subject:

gmakerley · Posted: Tue Jan 22, 2008 12:42 pm Post subject:

lisa, you're right about the behavior of lenders who don't take into account such things as utilities. it's the market standard, however; and we have also found that if you tell someone he or she isn't qualified for the mortgage requested, the next lender will be happy to make the loan.

and people get angry if you tell them they can't afford what they want. it's a hard road sometimes.

livinginnky · Posted: Fri Jan 25, 2008 9:40 am Post subject:

I agree,

I actually don't like to give an approval amount. I tell my client to tell me what they can afford. That way they come up with a real amount not just the amount I can qualify them for.

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