Question by william m: Is a moble home eligble for a reverse mortgage?
Best answer:
Answer by kb4ilb
I dont know but would like to find out i’m just curious
Add your own answer in the comments!
Question by Dave: What’s the gross monthly income needed to be eligible for a mortgage loan of 0, viagra 000?
for a loan amount of 500k 30 years fixed, pill the monthly mortgage would be around 2.5k. What i want to know is what would your gross income per month have to be for you to be accepted for a loan this amount?
— forgot to mention With a high credit score
——– the 500k is with a down payment already the total loan is 500k and in my area the rates are around 4% for 30 years fixed
— i have no debt, link my car payments have all been paid off
Best answer:
Answer by falsi fiable
About $ 13,000. A $ 500,000 mortgage will have a $ 3,000 monthly payment plus property taxes and insurance.
Rule of thumb is that you can afford a house that is about 3 times your gross annual income. Some people qualify for more based on their individual situation (mine is 4x).
Rule of thumb #2: Your mortgage payment (principle, interest, property taxes, and insurance) should not exceed 28% of your gross monthly income. If you have no other debts (no car loans and you don’t carry a revolving balance on your credit cards) you may have slightly higher limits. Your total debt load (mortgage plus auto and other minimum debt payments) may not exceed 38% of your gross monthly income.
For best rates, you need 20% down and 740+ FICO. With less than 20% down you will have PMI (Private Mortgage Insurance).
Learn more by reading “Home Buying for Dummies” available from your public library or independent bookseller (also Amazon and BN.COM).
What do you think? Answer below!
note that in some areas, taxes and insurance can be very large … 1/3 or even 1/2 the P&I payment is not unusual in coastal florida, for example.
and your income has to be from a stable source as well … how’s your down payment??