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§Between 3.5% and 5.0% of the cost of the home is usually required for most loans.
§If you can afford a down payment of 20% of the cost of the home, you may be able to eliminate mortgage insurance.
Ability to Qualify, according to what lenders look for:
§Your income, including your history of employment, the stability of your income, potential for future earnings, and any secondary sources of income, like bonuses, child support, commission, etc.
§Your credit report, including total current debt and history of repayment.
§Your assets, which means cash on hand and other liquid assets, like bank accounts, stocks, CDs, etc.
§Your property, or the home you are planning to buy, which the lender will have appraised.
§Most lenders want your monthly payment to be 25 - 28% of your gross monthly income.
§Your monthly debt payments - mortgage, consumer loans, etc. - should be 33 - 38% of your gross monthly income, as a general rule of thumb.
