qualifying income: What is Considered Qualifying Income When Buying a Home?
- 02/20/23 12:01 PM
Buying a Ventura home involves many components. You need to save up for your down payment and closing costs. Then, do you choose a fixed-rate or adjustable-rate mortgage? As of the writing of this post, 30-year fixed-rate mortgage sit at an average interest rate of 6.32%. One of the aspects lenders consider when deciding whether to approve you for a loan or not is affordability. One of the biggest factors of affordability is your income-to-debt ratio. You need to show two years of steady income to qualify for a mortgage loan. But it might surprise you about what lenders consider "qualifying … (2 comments)
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Buying a Ventura home involves many components. You need to save up for your down payment and closing costs. Then, do you choose a fixed-rate or adjustable-rate mortgage? As of the writing of this post, 30-year fixed-rate mortgage sit at an average interest rate of 6.32%. One of the aspects lenders consider when deciding whether to approve you for a loan or not is affordability. One of the biggest factors of affordability is your income-to-debt ratio. You need to show two years of steady income to qualify for a mortgage loan. But it might surprise you about what lenders consider "qualifying … (2 comments)
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