Step 4: Getting a Mortgage Loan
How much of my income should I spend on housing? As a rule, your housing costs shouldn’t exceed 30% of your take-home income.
Your monthly housing payment is made up of your mortgage principal and interest, property taxes, insurance, ground lease fee and a stewardship fee and maintenance.
There’s no easy way to determine what upkeep will cost you, but most homeowners spend 1%–4% of their property’s value for maintenance every year.
Qualified land trust applicants submit a loan application and supporting financial documents to include: last three months of pay stubs, bank statements for last two months, W-2’s for last two years to a participating lender.
Visit Bank of Missouri or Guaranty Bank to apply for a home loan. Applicants that have steady income for at least two years and a credit score of 640 are good candidates for approval. Applicants can still qualify if they have a bankruptcy or foreclosure that has been discharged for two years.