Chosen by Asker

No, they will not make any concessions for your life style choices. Nor will take fantasy jobs into account. All that really counts is your income for the last two years, your credit score and the amount of debt you carry.

by Landlord

5 months ago

Asker's Rating: 

No. they look at mortgage payment to income ratio, and (should be max of 28%) total loan payment to income ratio (Max of about 40% is allowed) they do not get into details on the other day to day expenses you have. The ratios above already take that into account

by David Z- 5 months ago

I have a single income and I had to prove I could handle the mortgage payment which is no more than 33% of your gross pay, plus pay my other debt obligations... HOA assessment, credit cards, car loans, food, utilities. If you can handle paying all of it each month and have savings to pay for your closing costs and have a reserve, then you can probably get a mortgage loan.

by annazzz1966- 5 months ago

The lender look at the state of your income at the time you apply for a mortgage loan. Future income is not guaranteed therefore it is not taken into consideration. The lenders will only go by what you can prove at the time of your application. All lenders have formula to determine your ability to purchase a house. This is called a ratio. They take the amount you are paying on your credit report and the amount you earn based on your w-2, pay stubs and other means to prove your income. How do you add into the equation future income. You are earning $1,500 per month now, but my spouse will be working within the next 6 months and the spouse will earn about_______ (How much) what dollar amount do you put on future income. In some cases depending on the cost of the house a one income family might be able to qualify for a mortgage loan. There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy. You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require. He will inform you of what is necessary once you contact him. This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage. I hope this has been of some use to you, good luck. "FIGHT ON"

by loanmasterone- 5 months ago

No, they only consider the cost of the mortgage as a percentage of the income. In reality, most people would be hard pressed to afford the level of mortgage payment they can be approved for. It leaves little extra for eating out etc, daycare, or 'personal services'.

by quizzard123- 5 months ago

Does not matter they still go by income to debt ratio's. and the percentage you are allowed for your mortgage, and percentage for mortgage and other major bills (loans credit cards etc) Am on third home and have always been the single income of the family

by Pengy- 5 months ago