The document discusses factors that mortgage lenders consider when approving home loans. It notes that lenders will consider a borrower's down payment, job stability, existing debts, and credit rating. It also explains that lenders use guidelines to determine how much a borrower can afford in monthly housing and living expenses, which should be no more than 28% and 36% of gross monthly income respectively. Knowing these considerations can help make a dream home a reality.

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Make Your Dream Home a Reality
Before you begin the search for your dream home, decide how
much you can comfortably spend.

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Cash
The size of
your down
payment that
you are paying
to buy home
Stability
How much is
job stable.
Working in
same
organization for
long period or
not
Debts
Existing debts
including
payment
references
Mortgage lenders most often will take into
consideration all of the following:

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Equifax
1800-997-
2493
Trans Union
1-216-779-2378
Experian
1888-
(397-3742)
Knowing your credit status and how credit
agencies rate your credit also may be a deciding
factor
Three main Credit
Reporting agencies

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Lenders usually use the following two qualifying
guidelines to decide how much of a loan you can
manage:
Your monthly
housing
expenses
Your monthly
living
expenses
Mortgage payment, property
taxes, insurance, etc. These
expenses should total no more
than 28 percent of your monthly
gross income.
Utilities, car and school loan, child
support, health and car insurance, etc.
These expenses should be no more
than 36 percent of your monthly gross
income.

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