What is the maximum mortgage amount I qualify for?

The maximum mortgage amount you qualify for depends on a number of factors, such as your credit score, income, and assets. Generally speaking, in North Carolina, lenders can offer you up to 80% of the purchase price or appraised value of the home, whichever is lower. So if you are looking at a home that costs $200,000 and has an appraised value of $190,000, you can borrow up to 80% of the appraised value, which would be $152,000. In addition to your income, credit score, and assets, there are also other factors that could affect how much you qualify for in a mortgage. Some of these include the current interest rate, if you have any debts that would affect your debt-to-income ratio, if you are eligible for any government programs that could help you with the loan, and the type of mortgage you will be getting. You should also keep in mind that most lenders and banks will also look at your past two years of income, verify your employment, and look at any other assets that you have. This can all factor into the amount that you qualify for. Ultimately, it is best to speak to a mortgage lender to determine the exact amount you qualify for. A lender will be able to look at all of your information and advise you on the best mortgage option for your specific situation.

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What is the maximum mortgage amount I qualify for?

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