San Diego Realtor and Local Area Real Estate Expert Oliver Graf interviews top San Diego Mortgage adviser Kevin Caylor. Kevin has been in the business over 10 years and has help countless investors and first time home buyers buy a house or condo in San Diego. This is a very frank and honest discussion about the prequalification process and how to show your income when getting your loan to buy a new home or condo in San Diego.
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Buying a New Home or Condo in the San Diego Real Estate Market has been gaining momentum amongst First Time Home Buyers, Rehab Property Flippers, and Buy and Hold Cash Flow Investors.
When Buying a Home or Condo in San Diego, you will want to get your loan pre-qualified. Part of getting your mortgage pre qual is showing your income and how much house you can afford.
If you have any San Diego Home and Condo Real Estate questions…
Contact us for help: 760. 237. 8006.
To determine your maximum San Diego mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a “front” ratio and a “back” ratio and they are generally written in the following format: 33/38.
The front ratio is the percentage of your monthly income (before taxes) that is used to pay your housing costs, including principal, interest, taxes, insurance, mortgage insurance, and homeowners association fees (when applicable). The back ratio is the same thing, only it also includes your monthly consumer debt. Consumer debt can be car payments, credit card debt, installment loans, and similar related expenses. Auto or life insurance is not considered a debt.
These are just guidelines and they are flexible. If you make a larger down payment or have sterling credit, the guidelines are less rigid. The guidelines also vary according to loan program. FHA guidelines, VA guidelines, and Conventional Loan Guidelines all vary.
San Diego Real Estate Agent and Expert Realtor Oliver Graf is proud to serve Oceanside, Carlsbad, Leucadia, Encinitas, Cardiff, Solana Beach, Del Mar, Rancho Santa Fe, La Jolla and all other cities from Orange County to San Diego.
Real Estate Requests to San Diego Real Estate Expert, Call now: 760. 237. 8006.
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Whether you want to buy a high end home or a nice comfortable starter home, Oliver will be more than happy to assist you regardless of your budget.
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San Diego Homes and Condo Buyers remember finding a good Realtor who understands the local markets and up-to-date real estate trends is key to your success, contact me now for help 760. 237. 8006.
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