income qualifications for mortgage

using your 401k for a downpayment on a house When is Buying a Home With Your 401(k) or IRA a Good Idea? – The down payment. [read: 6 ways to Boost Your Chances of Getting a Mortgage.] When should you not borrow from your 401(k)? Borrowing from your 401(k) should be a last resort. If it’s the only way.

freddie mac standard Modification – October 2, 2017 – Please note that Servicers are no longer able to evaluate borrowers for Freddie Mac Standard and Streamlined Modifications. Last December, we announced the Freddie MacFlex Modification®, which offers you an easier, flexible way to help borrowers qualify for a loan modification.

Front-End Ratio. Typically, lenders cap the mortgage at 28 percent of your monthly income. To determine your front-end ratio, multiply your annual income by 0.28, then divide that total by 12 for your maximum monthly mortgage payment.

Habitat for Humanity ramps up mortgage loan program – To double its homeownership goals, the nonprofit is using a new tool: a mortgage program aimed at helping those who want to buy an existing house but who don’t earn enough to qualify for a traditional.