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01-20-2009, 06:38 AM
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Would a home lender approve a 35% front-end ratio
for a mortgage loan in California? I would like to purchase a condo, and with my low income ($21k) I am wondering if a lender would approve my required 35% front-end ratio for a mortgage. The condo is $80k, and I will be making a down payment of around $18k-20k. My credit score is 760-777. I have ZERO debt. Would lenders see me as reliable enough to give me a $60k loan with a 35% front-end ratio?
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01-20-2009, 10:59 AM
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you should be able to get the loan.HOWEVER, you really CANNOT AFFORD THIS PLACE.with a low income of 21%, your total housing ratio should only be 20% MAX.You are setting yourself up for trouble.
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