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Household Income Required


goodstuff
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If a loan requires that you report the total household income to make sure you don't exceed the maximum income limit for the loan (RHD) even though you are the only one applying for the loan, will they then use that same amount to decide how much house you qualify for or is it a double standard? :?

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That is interesting. Hopefully the median income (different from the average) is high enough that you can get the home you want.

One note that might help. DTI (Debt to income ratio) is going to be very important here. I am not familiar with the rules on these type loans, but would assume that, like most all government loans, the rule will be under 42%. So if you have the funds to pay down credit cards etc that will be a big help to you. Reason being is that the lower the payments you have to make on credit cards etc, the more of your income ratio that can go towards making house payments.

Best Of Luck.

I would be interested in seeing how much you end up being able to afford, if you would not mind posting that here.

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