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.

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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.