Loan Approval Amount
Each loan program has different rules regarding the down payment required.
Loan approval amount. The pre approval amount is the maximum you may get. For homes that cost between 500 000 and 1 000 000 the minimum down payment is 5 of the first 500 000 plus 10 of the remaining balance. The approved mortgage amount will depend on the value of your home and the amount of your down payment.
If your purchase price is between 500 000 and 1 000 000 your minimum down payment is 5 of the first 500 000 and 10 of the price between 500 000 and 1 000 000. According to our calculations you may not have enough income to afford your payments on this loan. It does not guarantee that you ll get a mortgage loan for that amount.
That largely depends on income and current monthly debt payments. This will impact your monthly budget. The maximum gds limit used by most lenders to qualify borrowers is 39 and the maximum tds limit is 44.
That s the general rule though they may go to 41 percent or higher for a borrower with good or excellent credit. To my surprise my mortgage broker told me they d upped the amount to 300 000 and that there was lots of wiggle room above that even though i d requested a smaller pre approval amount i was pre approved for much more. It looks like you may be able to afford a home worth about 386 405 for a payment of about 1 300 per month mo.
Our mortgage calculator uses these maximum limits to estimate affordability. Down payments can also vary by the amount you want to borrow as well as factors like credit history. You must have at least 5 for a down payment if the home purchase price is less than 500 000.
For homes that cost over 1 000 000 the minimum down payment is 20. 376 405 loan amount. As a rule of thumb mortgage lenders don t want to see you spending more than 36 percent of your monthly pre tax income on debt payments or other obligations including the mortgage you are seeking.
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