A Fairfax, Virginia resident, Ben Casper graduated from James Madison University, where he obtained a bachelor of science in economics. Ben Casper serves as a mortgage loan officer and helps people throughout the United States achieve their desired homes and properties.
There are many aspects that lenders, such as financial institutions or banks, take into account when deciding whether or not a person is eligible to receive a mortgage loan. One of these aspects is a borrower’s credit score. The credit score resembles a borrower’s history in terms of loans and payments.
The credit score helps lenders identify whether or not a person may have trouble paying back the loan or not, based on their past payments and loans. Depending on the type of loan they want, people can obtain a mortgage even for a score as low as 500, such as the FHA loan.
The debt-to-income ratio is also important for lenders, as it reveals how much money a borrower pays out of their income. Many traditional mortgages set the maximum amount of debt-to-income ratio to 43 percent. This means that a borrower already pays 43 percent of their total income to debt.
There are many aspects that lenders, such as financial institutions or banks, take into account when deciding whether or not a person is eligible to receive a mortgage loan. One of these aspects is a borrower’s credit score. The credit score resembles a borrower’s history in terms of loans and payments.
The credit score helps lenders identify whether or not a person may have trouble paying back the loan or not, based on their past payments and loans. Depending on the type of loan they want, people can obtain a mortgage even for a score as low as 500, such as the FHA loan.
The debt-to-income ratio is also important for lenders, as it reveals how much money a borrower pays out of their income. Many traditional mortgages set the maximum amount of debt-to-income ratio to 43 percent. This means that a borrower already pays 43 percent of their total income to debt.
