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What is the maximum monthly mortgage payment for which I qualify?

April 26, 2017maximum mortgage payment qualify

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What is the maximum monthly mortgage payment for which I qualify?

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This depends on your monthly income and monthly debt payments. We can generally go to a maximum ratio of 55%. This means that 55% of your monthly income is available for mortgage payments, tax payments, insurance payments, all reoccurring debt payments. Different programs have different ratio requirements. Ratios of 38% – 50% are more common. Government programs usually have a maximum ratio of 42%. Contact your loan officer for details.