Ed Black
REALTOR

240-668-5301

About TeamBlackBerry
About TBB
Contact Ed
Testimonials
Guest Book
Closed Sales
Service Guarantee
For Our Buyers
Our Listings
4 Sale By Owner
New Construction
Dream Home Finder
MD Foreclosure Help
For Our Sellers
Market Analysis
Resources
Md Relocation
Lake Linganore
City Overview
FREE Brochures
Local #s
Buyer/Seller Info
Community Links
Real Estate Teams
Schools
Newsletter
Real Estate News
Homes&LandMag
Weather Report
Financial Resources
PNC Mortgage
Mortgage Rates
Home
TeamBlackBerry Home!
 


Referrals are our GREATEST compliment. Consider passing our name today.

Equal Housing Opportunity


GRI - Graduate, REALTOR® Institute


MLS membership


REALTOR® certification


Yahoo® Real Estate Classifieds

 

Buyer/Seller Info



  Qualifying Guidelines

There are two main elements lenders consider when determining whether you and any co-borrowers qualify for a specific mortgage.

The first is your monthly mortgage costs, including mortgage payments, property taxes and insurance. If you're considering buying a condominium or cooperative, any associated fees are also considered. Your mortgage costs should not exceed 28 percent of your gross monthly (pre-tax) income.

The second qualifying guideline relates to your total monthly housing costs and other debts you and any co-borrowers have. These costs should not exceed 36 percent of your gross monthly income.

Lenders follow these guidelines because they believe these percentages allow homeowners to pay off their mortgages fairly comfortably without the worry of loan defaults and foreclosures.

However, these guidelines can be exceeded in certain cases, such as borrowers with a good credit history or with a larger down payment.

 

[ Back To Real Estate Glossary ]


2006-2008
All Rights Reserved Edward Black
TeamBlackBerry LLC t/a
TeamBlackBerry & Associates SM
REAL ESTATE TEAMS,LLC
50 Citizens Way Frederick, Maryland 21701
Lake Linganore, Maryland
Ed Black, Specializing in Frederick County MD real estate! - Frederick MD Realtors - Frederick MD Homes - HUD Home Sales - www.edsellsmaryland.com - www.lakelinganorehomesales.com - www.teamblackberry.com


Real Estate Websites by iHOUSEweb, Inc. ®

Site Admin Menu