Myths and facts about getting a mortgage in 2011
Reply
- Buyers need to have their debt under control. Monthly debt payments can not exceed limits required by the mortgage program that they would like to use. (The typical maximum debt allowed, including the projected mortgage payments, must typically be under 45 percent of the buyer’s gross income (before taxes). A recent change is that tax returns and tax payments must be up to date, filed with the IRS. The income that a buyer claims will be verified by the lender.
- The buyer has to have cash available for the down payment, closing costs and money left over as cash reserves in the event of an Continue reading >>>