If you meet the basic loan qualification requirements, your lender will compare your income to your outstanding debt to determine how much you can borrow. Guidelines vary, but lenders usually prefer that the amount you spend on monthly debt and housing expenses be no more than 36% of your gross monthly income. Try to avoid taking on any new debt in the months leading up to your purchase.
Even if your debts add up to more than 36% of your income, that doesn't have to mean you can't get a mortgage. There are several financing programs available to help make homeownership a reality for people from a variety of financial backgrounds.
Get a mortgage pre-approval to know your buying power, and show sellers that you’re ready to do business.
Norm Miron, Mortgage consultant with Wells Fargo
Fran Patton, Mortgage consultant with Wells Fargo
Mortgage calculators for your convenience.
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