As you will see in the video, the lenders consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA, monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, should total no more than 41% of income. Lenders also consider cash available for down payment and closing costs credit history and the rest of your financial picture when determining your maximum loan amount.

Broker: RE/MAX Accord
CalBRE Broker Number: 01491373
5950 Stoneridge Drive, Pleasanton, CA 94588
Steve Mohseni
RealtorĀ®

steve@bayareahomefinder.com

CalBRE License Number: 01267039