Posted on: 08th May, 2007 05:11 pm
I'd like to know what would be the maximum loan amount if there're three borrowers applying for one loan. Thank you
Thanabong, loan amount would depend on the house value you did like to purchase and the amount of down payment you are ready to make.
Hi Thanabong,
Welcome to Mortgagefit discussion board.
Good thing for you would be that you will be able to combine the income of all 3 borrowers while getting qualified for the loan.
But as Jend said, maximum loan amount depends on the kind of house you are looking at. Suppose you have located a $300,000 house, then if you are making 20% down payment then you would be able to get a loan equaling 80% of the value of this house.
If you are not in a position to make 20% down then there are mortgage programs where you can make smaller down payments also.
Give us few more details so that we can give you a better idea of how much you would be able to qualify for.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Good thing for you would be that you will be able to combine the income of all 3 borrowers while getting qualified for the loan.
But as Jend said, maximum loan amount depends on the kind of house you are looking at. Suppose you have located a $300,000 house, then if you are making 20% down payment then you would be able to get a loan equaling 80% of the value of this house.
If you are not in a position to make 20% down then there are mortgage programs where you can make smaller down payments also.
Give us few more details so that we can give you a better idea of how much you would be able to qualify for.
Thanks
Blue
"I'd like to know what would be the maximum loan amount if there're three borrowers applying for one loan. Thank you"
You need to determine how much mortgage you will be able to afford paying every month. This decision will be based on your income and debt to income ratio. After you have estimated the payments you would be able to afford then search for houses in that price range.
You need to determine how much mortgage you will be able to afford paying every month. This decision will be based on your income and debt to income ratio. After you have estimated the payments you would be able to afford then search for houses in that price range.
thanabong, when you will approach a lender about getting a mortgage, he will ask you about your job, amount of income you make, credit score, other monthly expenses you have to pay for, the price range in which you are looking to buy the house and down payment you would be able to make.
Loan amount you would be able to qualify for will depend on your answer to these questions. 3 borrowers would mean that you will have chances of qualifying for higher loan amount.
Colin
Loan amount you would be able to qualify for will depend on your answer to these questions. 3 borrowers would mean that you will have chances of qualifying for higher loan amount.
Colin
You need to provide some more details then only we would be able to give a correct idea to calculate maximum loan amount.
Miller
Miller
Dear Friend,
I thing you don't know on which you can get loan.You can loan only home loan or on Mortage.For home loan you should have credit & should show income ,then you should follow all procedure of loan.
And For mortage loan you should show home mortage then you can get loan.
I thing you can got an idea.
Regards
Dilip
I thing you don't know on which you can get loan.You can loan only home loan or on Mortage.For home loan you should have credit & should show income ,then you should follow all procedure of loan.
And For mortage loan you should show home mortage then you can get loan.
I thing you can got an idea.
Regards
Dilip
what articulation!
thanabong, please provide additional information. maximum loan limits are established by the secondary market. if you're only speaking about how much the three of you can afford, that's determined by total gross income combined with your existing debt loads.
thanabong, please provide additional information. maximum loan limits are established by the secondary market. if you're only speaking about how much the three of you can afford, that's determined by total gross income combined with your existing debt loads.
I dont think we will hear from him. The original question was posed in 2007.
