jumbo loan financing: Rule Of Thumb Says 3 Times Income - 06/25/08 10:04 AM
I grew up in this business, so I've had a lot of "rule of thumb" stuff I've squirreled away in the back of  mind.  One of my "old reliables" says that a borrower normally qualifies for 3 times their gross income. 
When Lenn Harley issued a Challenge to Loan Officers to see if the average buyer in Fairfax, Virginia could qualify for the average detached home - I was skeptical.  The average income is $123,000 and the average sales price is $605,511.  Three times the income means the borrower is looking for a loan of $369,000 - significantly below the 95% … (7 comments)

Eleanor Thorne, Equity Resources  919-649-5058 (Equity Resources) Ambassador large

Eleanor Thorne

Equity Resources 919-649-5058

Cary, NC

More about me…

Equity Resources

Address: 201 Shannon Oaks Circle, Suite 204, Cary, NC, 27511

Office: (919) 649-5058

Mobile: (919) 649-5057

Email Me




RSS 2.0 Feed for this blog