What exactly is needed to get an average house loan/mortgage? and Phone Call with President about Student Loans

What exactly is needed to get an average house loan/mortgage?

I'm wondering what exactly are the steps and requirements needed to get a house loan from a bank of say 100k-200k. If you have an average yearly income of 25k/yr is it even realistic to get a loan like that?


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Answer by Art Vandelay
Income qualification is usually 2.5 to 3.0 times your gross annual salary. So at 25k per year you would qualify for a loan between 62,500 and 75,000 (depending on the lender requirements). This amount would be between 80% to 95% of the cost of the home you are buying.

You would also have to qualify based on your debt load (credit cards, car payments, etc.), and on your credit history.

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Phone Call with President about Student Loans


Image by MDGovpics
Governor O'Malley takes phone call with president about student loans by Tom Nappi at Governor's Office, State House, Anapolis, Maryland

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