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HOW
MUCH CAN I QUALIFY FOR?
Use the
mortgage calculator we have provided for you. You will get an idea
how much you can qualify. Want to know how much are your monthly
payments ?
Calculating
Income
Annual
Income includes: base pay, bonus pay, commissions, overtime, child support, retirement
income, annuity income, alimony, and 75% of rental income. The figure used is
total gross income (income before taxes are taken out).
Calculating
Debt
Debts
are recurring payments such as mortgages, car loans, credit cards, student loans,
child support, alimony payments, etc.
Debt
Ratios
Generally,
you will be permitted to spend about 28% of your gross monthly income on housing,
and 38% of monthly gross income on your total monthly debt with FICO scores 620
+.This is generally known as the 28/38 rule for fannie mae borrowers.
Special
Ratios & Qualifying
Alliance Mortgage
provides loans that exceed normal debt ratios. We can go up to 55%
debt ratios on our subprime loans.This increases your buying power.You
qualify for more, with less income.
You
can easily determine how much you can afford with our calculators
or you can contact our Loan team with your questions.
Bad
credit home loans,Home
equity loans,Second mortgages,Current interest rates
Mortgage
Brokers and lenders California,Texas
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graphics, logos, slogans cannot be reproduced ©1997- 2006 Alliance
Mtg Inc a California corporation.
Bad
credit home loans
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equity loans
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