It's possible to find a lender for almost any financial situation. However, if your past financial history is good, you will have better home loan options to choose from. Generally, a couple of late payments on a credit report won't affect you that much and you will be considered a good credit risk, qualifying for lower interest rates . If you have more issues on your credit report, lenders like Quickerlend
may still provide you with a home loan, but because you're more of a risk to the lender, you may have to pay a higher interest rate and fees.
Some people believe you should refrain from borrowing as much as you qualify for so as not to stretch your financial boundaries. Others feel you should stretch to buy as much home as you can afford because with expected increases in your earning potential, a big payment today will seem like less of a payment in the future. Only you can make this decision.
A popular guideline is to follow the "28/36" rule. This rule says that your monthly housing costs shouldn't exceed 28 percent of your monthly income, and your total debt payments shouldn't exceed 36 percent of your total monthly income. If your payments do not follow the 28/36 rule, don't worry. Quickerlend
offers mortgages customized to each borrower's individual situation. Depending on your assets, credit history , job potential and other factors, Quickerlend
can work with ratios 40-60% or higher.
While we are not advocating that you should purchase a home utilizing the higher ratios, it's important for you to know there are other options available.