Being qualified for an interest-only mortgage
You might think you to a home loan which have a diminished initially off payment might possibly be simpler to qualify for on a single money, but that’s not necessarily your situation. Indeed, certain lenders have far more strict criteria.
Given that prices always creep right up, due to the fact home prices still slide up, interest-merely funds be much more out of a cost option, however since good crutch so you’re able to be considered, says Dallal, while the we however meet the requirements anyone since if it was a 30-year commission.
That said, Perry cards one interest-just finance are able to use multiple means to demonstrated the fresh capability to pay back, between having fun with traditional paystubs to help you estimate money and you will option setting, instance playing with lender comments in order to get a living or even to make monthly payment. Continue reading
