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Put Less Money Down and Qualify For More Home. Say What?
In some cases, putting LESS money down on a home allows you to QUALIFY FOR MORE.
Yes, it sounds counterintuitive, but let me explain.
Understanding the Debt to Income Ratio is key!
When you apply for a mortgage, the lender will add your total household monthly INCOME and your total household monthly DEBT payments.
Typically, a lender will not qualify a borrower who’s monthly debt total is more than 45% of their monthly income.
Let’s say your total monthly income is $7000. The lender will make sure your combined monthly debt payments are 45% or less of that amount, which in this case would be $3150. To determine your max monthly mortgage payment, the lender will subtract any non-housing expenses, such as student loan payments, credit card balances, car loan payments. In this case, if you had a $650 car payment, your max mortgage payment allowance would be $2500 ($3150-$650=$2500).
If you’ve got a substantial down payment saved, it might be worth considering paying off the car loan balance and eliminate the $650 monthly payment, which increases your max mortgage payment to $3150. With today’s rates, this could increase your overall buying power by roughly $100,000. **These are estimates.
Work with a trusted Loan Officer to determine your best strategy based on your personal scenario.
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