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Qualifying for a Mortgage Loan |
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Would i qualify for a home buyers loan even if I am presently paying a loan and have some credit card bills? |
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The answer is a firm "Maybe". Almost everyone who applies for a mortgage loan already has some other debt. The big question is -- how much? Every mortgage plan has its own guidelines about how much total debt payment is acceptable, figured as a percentage of your monthly income. If total debt monthly debt expense, including the proposed mortgage payments, comes to no more than 36 percent of your monthly income, you'd probably qualify for most mortgage loans. Some mortgage plans will allow even higher debt percentages. |
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Edith
Originally published on July 7, 2007 |
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