"The Easiest Way to Buy or
Sell a Home or Get a Home Loan in Klamath Falls" Information
provided by Town & Country Realty & United Mortgage Corporation of
America
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There are several factors that lenders
take into consideration when determining how much they will lend to you for your
home purchase. The three most important factors are your income, debts and down
payment. Any one of these can greatly impact the amount of mortgage you qualify
for. Lenders are primarily concerned with the percentage of your gross monthly
income that goes to your new monthly housing expense and to your new monthly
housing expense plus your other monthly debts. As a general rule, no more than
28% of your gross monthly income should be going toward your monthly housing
payment and no more than 36% of your income should be going to your housing
payment plus other monthly debt. These guidelines vary by the amount of down
payment you make and the loan program you choose. These are general rules for
conforming loans (loan amounts of $240,000 or less). Jumbo loans (loan amounts
above $240,000) usually use ratios of 33% and 38%.
If you have been pre-qualified and are not satisfied with the amount you
qualify for, we have listed four of the most common obstacles to qualifying for
a home below and possible solutions to each.
1. Excessive Long-term Debt
Consolidate your debts by taking out one loan and paying off your bills
with the money.
Pay off long-term debts by using some of your cash and making a lower
downpayment
Pay off long-term debt by selling another asset and using the cash
generated from that sale. (Generally, this is something you should consider
doing in preparation for looking at homes to purchase, well before the
application process.
2. Inadequate Income
Income from bonuses, overtime, or future raises might be considered in
qualifying. If you've overlooked any income, be sure to tell your loan
officer.
Find a co-mortgagor who is willing to go on the loan with you to help you
qualify (They may need to live in the house and take title as well).
Make a higher downpayment.
Consider a financing option that will allow you to stretch your purchasing
power. Some of these options include FHA loans, adjustable rate mortgages,
balloon financing or graduated payment mortgages.
Remember that non-taxable income may be grossed-up, as though it was
taxable.
3. Credit Problems
Repair your credit file by contacting creditors and requesting that
negative information be removed.
Pay off outstanding judgments, liens and collections.
Re-establish good credit
4. Lack of A Downpayment
Get a gift from an immediate family member. (3-5% of the value of the
house must still come from your own funds, unless the gift is 20% of the
value or more)
Ask the seller to carry back part of the financing.
Sell or borrow against another asset.
Borrow against or cash out your 401(K) - but consider the tax
implications, if any.
Ask the seller to contribute to closing costs, within the allowable
limits.
Obtain a low point or zero point loan.
Consider financing options that offer lower downpayments and help with
closing costs.
