To qualify for a home
mortgage today, you’re still going to need to meet minimum standards. These
include:
• A favorable credit score. Fannie Mae requires a minimum credit score of only 620.
• An appropriate debt-to-income (DTI) ratio. Your DTI number signifies your total recurring monthly debt payments (such as credit cards, student loans and mortgages) versus your gross monthly income. Fannie Mae’s new DTI ceiling is 50 percent.
• An acceptable loan-to-value (LTV) ratio. Your LTV represents the loan’s size compared to the property’s value. Fannie Mae’s maximum LTV is a generous 97 percent.
• A reasonable loan limit. Fannie Mae’s maximum loan limit in most states is $424,100. In Sacramento, El Dorado, and Placer Counties, Fannie Mae currently allows borrowers to take advantage of a high balance loan amount of $488,750.
• A favorable credit score. Fannie Mae requires a minimum credit score of only 620.
• An appropriate debt-to-income (DTI) ratio. Your DTI number signifies your total recurring monthly debt payments (such as credit cards, student loans and mortgages) versus your gross monthly income. Fannie Mae’s new DTI ceiling is 50 percent.
• An acceptable loan-to-value (LTV) ratio. Your LTV represents the loan’s size compared to the property’s value. Fannie Mae’s maximum LTV is a generous 97 percent.
• A reasonable loan limit. Fannie Mae’s maximum loan limit in most states is $424,100. In Sacramento, El Dorado, and Placer Counties, Fannie Mae currently allows borrowers to take advantage of a high balance loan amount of $488,750.
Call The Easterbrook Team
916.850.6050
No comments:
Post a Comment