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Every Thing Else Board
Average Income
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<blockquote data-quote="TexasBred" data-source="post: 994340" data-attributes="member: 6897"><p>Sounds like the banker has some reservations about making the loan at any cost so is basically setting the bar high. IF the guy can comply then both sides are happy. 8 grand for closing cost on a small loan does sound a bit out of sight tho. Back in the dark ages when we truly made people qualify for loans the anticipated mortgage pmt. couldn't be more than 25% of gross monthly income and total installments monthly for all things couldn't exceed 35-38%...we eventually raised these a few pencentage points but not much.</p></blockquote><p></p>
[QUOTE="TexasBred, post: 994340, member: 6897"] Sounds like the banker has some reservations about making the loan at any cost so is basically setting the bar high. IF the guy can comply then both sides are happy. 8 grand for closing cost on a small loan does sound a bit out of sight tho. Back in the dark ages when we truly made people qualify for loans the anticipated mortgage pmt. couldn't be more than 25% of gross monthly income and total installments monthly for all things couldn't exceed 35-38%...we eventually raised these a few pencentage points but not much. [/QUOTE]
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