Determining the loan amount you qualify for is relatively simply.  Use the following information in conjunction with the free financial calculators we have provided for you.  This will also give you a good idea of what Alliance Mortgage needs in order to help you qualify for your loan.

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
Debt is any recurring payments such as mortgages, vehicle loans, credit cards, student loans, child support, alimony payments, etc.  These combined debts are your Total Monthly Debt.

Debt Ratios
Generally, you will be permitted to spend about 28% of your gross monthly income on housing, and 36% of monthly gross income on your total monthly debt.  This is generally known as 28/36 rule.

Special Ratios & Qualifying
Alliance Mortgage provides loans that allow you to exceed these established debt ratios.  We can go up to 45% on some loans, giving you 28/45 or 35/45 ratios. And some loan programs will allow you to go as high as a 35/55 ratio.  This gives you the flexibility to buy more house 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.

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