Lens1000
VIP Contributor
Mortgage require one Important factor and it's one the reasons why most of the people do not qualify for the loan. Your income is number one thing that will be considered. The mortgage bank want to be sure that you will not default the loan payment
So many people wondered which their mortgage loans was not approved because they have a great credit record and almost no debit. Yet this financial institution says that your income doesn't justify the loan amount
It's better not to take a loan that will give you sleepless night. There are possible ways that will make you qualify
The first creative solution you may want to consider is an increase in the amount of the down payment. By increasing your down payment, you will reduce the amount to be borrowed which can make all the difference in qualifying. If you can bump the down payment up to 25% of the total value of the property, many lenders will relax the qualification requirements.
Regardless of the approach you take, insufficient income need not be the end of your home buying prospects. Get creative and you can find a solution.
So many people wondered which their mortgage loans was not approved because they have a great credit record and almost no debit. Yet this financial institution says that your income doesn't justify the loan amount
It's better not to take a loan that will give you sleepless night. There are possible ways that will make you qualify
The first creative solution you may want to consider is an increase in the amount of the down payment. By increasing your down payment, you will reduce the amount to be borrowed which can make all the difference in qualifying. If you can bump the down payment up to 25% of the total value of the property, many lenders will relax the qualification requirements.
Regardless of the approach you take, insufficient income need not be the end of your home buying prospects. Get creative and you can find a solution.