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re: Help determining how much mortgage I can afford
Posted on 4/17/15 at 10:15 am to KG6
Posted on 4/17/15 at 10:15 am to KG6
quote:
KG6
quote:
And to whoever said find out what the bank will lend you and divide by half, you are pretty spot on. They will give you ridiculous amounts of money if you have decent credit. Be very careful with that.
I wanted to touch on this and point out that it's completely out of touch with today's lending realities. The days of No Income/No Asset (NINA or Ninja) Loans are gone. SISA's (Stated Income/Stated Asset) are much more stringent now as well. You cannot simply obtain an approval letter by having your Tri-Merge pulled anymore.
Any lender worth their salt-broker side or institutional/banker-is going to verify income and at least inquire about assets along with a tri-merge in today's lending climate.
This post was edited on 4/17/15 at 10:16 am
2
Posted on 4/17/15 at 10:20 am to GFunk
quote:
GFunk
So much truth.
Our first home we had a reported income of around 40-50k and got approved for 125k and no more.
It doesn't work the way it used to.
Posted on 4/17/15 at 11:40 am to GFunk
I bought a house in December. Total household income of 120k. They were willing to lend me over 500k. And this is in Houston where property taxes add a HUGE portion to your monthly statement with escrow. Also, this approval was WITHOUT me having to sell my previous home. They were going to let me keep a 175k house and buy a 500k+ house.
I don't think it's as relaxed as it used to be (not sure as I wasn't buying houses at that time), but they are still willing to lend money to the point where people can get in trouble.
I don't think it's as relaxed as it used to be (not sure as I wasn't buying houses at that time), but they are still willing to lend money to the point where people can get in trouble.
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