How much mortgage loan could you qualify for ?
The full documentation borrower has the ability to borrow up to the full asset appraised value of a home or property- if they qualify under underwriting guidelines- up to an amount of 55% of their household income. However, not all people are paid in w-2 income.
There are several lenders who need business in this economy. The lenders have loosened the criteria on the amount of money available under stated income, stated asset and No-doc products and an individual can get more money than used to be available under those criteria.
Many borrowers have employment payment situations that are different than a typical w-2 borrower. Self employed business owners or commission salespersons are often paid sporatically and that creates an underwriting problem. How will a bank qualify a person who is only paid once per quarter, or once a year?
The fact that so many Americans have different income streams is the reason that there are so many different programs available with the stated income/ stated asset/ No documentation lending. A large percentage of all of the loans in America are these income ‘no peekie’ loans.
These loans were created to allow borrowers to get financing even though they do not conform to typical loan criteria. The risk taken by a lending institution by not having all of the income information available is offset by higher rates on the selected loan program. The lowest rates are therefore a loan where all of the facts are included in the income portion of that deal.
There are 100% loans equal to the fully appraised value of the asset available. The stated income mortgage rule of thumb is that at the most ½ of your household income should be the maximum for paying your mortgage (including taxes and insurance). If your debt-to-equity ratios are higher than this 50%, the loan will be difficult to get approved.
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