Are you trying to qualify for a home loan right now? If so, don’t trust those online qualifying calculators. They’re always way too conservative.
What you need is a skilled, experienced home loan person to help you qualify for a home. Someone with access to a lot of different programs. Programs they can draw from that reach out to a bunch of different lenders to see what each lender will allow in terms of qualification.
For example, debt to income ratios. That’s a ratio where they take all your debts, including the new house payment, and compare it to income. Then they decide what debt ratio to use to let you qualify and see how high your house payment can go.
A lot of home loan calculators use debt ratios that were active about 20 years ago when I first got into the business (and I’m serious like 20 years ago). That’s way old, and they they’ve been updated many, many times since then.
Find out what you can really qualify for!
Let me tell you, what people can qualify for with Fannie Mae, Fred Mac, FHA, VA- all of these traditional home loan programs are much more aggressive than a real conservative ratio that doesn’t need to be defended.
That’s what they’re trying to do- they’re trying to be as conservative as possible so they don’t have to defend themselves if someone says, “oh, you qualified me, and then I didn’t qualify it in the end.”
So talk to someone with lots of experience and access to many different lenders, and you’ll get a much more accurate picture of what you qualify for. That matters a lot right now- especially with home values and prices going up- to be able to qualify for what you need in order to get into the home you want.
I hope this has been helpful! Please reach out, we would love to chat with you and give an accurate portrayal of what you qualify for. And I bet it’s much higher than what you’ll find on the online calculators. Look forward to talking with you!
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