October 25, 2008
What Two Money Amounts Are The Only Ones Considered When Applying For An Fha Loan?
Your loan officer will talk to you when you approach him or her about applying for an Fha loan and the two main money amounts that he will discuss with you is the amount of your income versus the amount of the mortgage and if your income is able to support the amount of payment that you have to make. The Fha states that your mortgage payment should not exceed 31 percent the gross monthly income and your debt responsibility should not be more than 43 percent of your monthly income. This way, you are left with an income that you could still live on while making your mortgage payment.