There are many important factors, not listed on MEqualify.com’s website, that could change the results of our FREE test. Such factors may include, but are not limited to:

1. YOUR INCOME – To qualify for a mortgage from an income perspective your total MINIMUM payments must not exceed 40% of your income. As an example, if you make $120,000 per year you would gross $10,000 per month. If your NEW mortgage loan payment is $2,000 and you have a car payment of $450 as well as two credit cards with minimum payments of $150 combined your total Debt To Income (DTI) ratio would be 26% ($2,600 total minimum monthly debt payments divided by $10,000 = 26%). If you have less than a 40% DTI you most likely would qualify for income! If you are self-employed, you must have been in business for at least two years with an average Adjusted Gross Income being used as the income figure. You can find your AGI on the first page of your tax return, bottom right figure.

2. YOUR TYPE OF PROPERTY OR TYPE OF PROPERTY PURCHASE - Most property types qualify for mortgage loans today. The general rule is the more “unusual” the property the less a lender will be willing to lend because of increased risk in the event of foreclosure and taking longer to sell. Mortgage Lenders and Banks refer to a term called Loan To Value or LTV. The more unusual the property, typically the lower the LTV. As an example, if you wanted to purchase or refinance a Single Family Residence a lender might allow an LTV up to 95% of the value of the property. If that same person were to purchase or refinance a Non Owner Occupied property the LTV would most likely be lowered to 85%. Examples of unusual property types are, but are not limited to:

1. Non-Owner Occupied Property (Investment Property)
2. Manufactured Homes
3. Log Homes
4. Excess Acreage over 20 acres
5. Duplexes or Multi-Family Property
6. Unusually Zoned Property (Commercial, Agricultural, Etc.)