{"id":1255,"date":"2024-01-29T11:57:32","date_gmt":"2024-01-29T16:57:32","guid":{"rendered":"https:\/\/bettysellsflorida.com\/?p=1255"},"modified":"2024-01-29T11:57:33","modified_gmt":"2024-01-29T16:57:33","slug":"why-can-you-pay-2000-in-rent-or-any-other-amount-but-not-be-approved-for-a-mortgage-that-costs-the-same-amount-per-month","status":"publish","type":"post","link":"https:\/\/bettysellsflorida.com\/index.php\/2024\/01\/29\/why-can-you-pay-2000-in-rent-or-any-other-amount-but-not-be-approved-for-a-mortgage-that-costs-the-same-amount-per-month\/","title":{"rendered":"Why Can You Pay $2,000 in Rent (Or Any Other Amount) but Not Be Approved for a Mortgage That Costs the Same Amount per Month?"},"content":{"rendered":"\n<p class=\"has-black-color has-text-color has-link-color wp-elements-3fc23ef3aa5418aceedabd55cf90f761\">Rents have increased quite a bit over the past few years for many renters, but even the most affordable rent can start to feel like money slipping through your fingers every month, with no long-term return. This often leads to renters considering buying a place of their own, so that their monthly housing costs go toward building&nbsp;<em>their<\/em>&nbsp;net worth, rather than a landlord\u2019s.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-d7edd6a032c4c7d9aae2b35e8c41af5f\">Unless you come into a windfall of money, most people need to get a mortgage in order to buy a home, so getting a mortgage pre-approval to find out how much a lender will allow you to spend is the first step. If you don&#8217;t know where to look to find a lender, simply reach out. I have a list of lenders with whom I have successfully worked in the past, and they would love to work with you as well!<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-37d4dddb7b73453e93b3d4172e146f5a\">The process can be both exciting and perhaps a bit intimidating for some people. On one hand, there\u2019s the anticipation that you could be given the golden ticket to homeownership and be approved to spend as much (or even more!) than you thought you could afford. On the other hand, there\u2019s the potential disappointment that you could find out you don\u2019t qualify and get denied for a loan.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-86183f919341d2167d559679916d2d12\">But there\u2019s also another scenario: You could be approved for a mortgage, but not for anywhere near as much as you hoped for (or need) to buy a house you want.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-0df05be0f21294a89ae9355ab6f716fc\">When a prospective buyer gets approved, but for a monthly payment that\u2019s less than they currently spend in rent, or outright denied for a loan, it often makes them wonder:&nbsp;<em>How is it that I can pay $2,000 in rent (or any other amount you may be paying) but not be approved for a mortgage that costs me the same amount per month?<\/em><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-55c82820fb823f173bf2e047f5bddf5b\">Considering landlords often have an approval process you had to go through in order to qualify to rent their place, it seems reasonable and logical that if someone can afford to pay a certain amount in rent, then a bank should be fine with lending them as much money as that amount would cost to pay back on a monthly basis. But it isn\u2019t quite that simple.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-c3e9c829dd548f84cff83e1316594d3e\">Landlords Might Be a Little Looser with Their Qualification Process<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-bd149c31369012d898c138f8032be3eb\">For starters, each landlord may have different standards they\u2019re looking for, and some may not even be all that careful about who they rent to, and just throw caution to the wind.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-d881504111c168a572a6ba3cec4d097c\">But some typical rules of thumb for landlords who do qualify their tenants are that:<\/p>\n\n\n\n<ul class=\"has-black-color has-text-color has-link-color wp-block-list wp-elements-124d6abac7194c9e0a593918235e5c66\">\n<li>The tenant doesn\u2019t have a bad credit history.<\/li>\n\n\n\n<li>The tenant has a monthly income that is at least 2.5 times the monthly rent. (In other words, if you want to rent a place for $2,000 a month, you need to make $5,000 per month.)<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-4a8ef5156a4433ea866e6562de880b32\">Those are decent standards for a landlord to consider, but they\u2019re nowhere near what a mortgage lender will consider.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-8732a570f74dd23cd889c29e3222b8c3\">In addition, some landlords may be willing to overlook poor credit or a lower income. They have more leeway and can make individual decisions, as opposed to lenders who have investors to protect and regulators watching over the decisions they make.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-e9b6055032802d83ea4279ab63a82253\">Lenders are typically considering laying out hundreds of thousands of dollars to a home buyer, so they need to make fairly certain you\u2019ll be able to pay it back, or that they\u2019ll be able to recoup their money if you don\u2019t.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-9331a6cb83d75d4d3e38a9c7a34ffdce\">Sure, a landlord can evict you, and a mortgage company can foreclose on you. And neither of them really wants to deal with the time, effort, or cost it takes. But there\u2019s simply more on the line for a lender than there is for a landlord.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What May Impact How Much a Lender Is Willing to Let You Borrow?<\/h3>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-aa38944f220e78c72f2349828ea26da9\">Lenders and landlords alike consider some of the same criteria, but if you\u2019re being considered for a mortgage, they\u2019re going to not only consider more things, they\u2019re going to be looking more closely at them. Here are some of the things that may impact how much (if any) money a lender will approve you to spend per month in terms of a mortgage payment:<\/p>\n\n\n\n<ul class=\"has-black-color has-text-color has-link-color wp-block-list wp-elements-cc567f9337e4ee8bb9a8df5cb45199c2\">\n<li><strong>Credit history.<\/strong>&nbsp;As mentioned above, landlords may or may not look at your credit history. But they may just be looking to see if it\u2019s \u201cbad\u201d or not, as opposed to your overall credit profile. Lenders will look at your credit history much more closely.<\/li>\n\n\n\n<li><strong>Your job history.<\/strong>&nbsp;A landlord most likely wants to know that you\u2019re employed, and may even verify that you are with your employer, but a mortgage lender wants to see that you\u2019ve been employed for a certain period of time in the same field, and ideally with the same employer.<\/li>\n\n\n\n<li><strong>How much cash you have.<\/strong>&nbsp;While there are certainly loans that require a low down payment, most likely you\u2019ll need some money to put toward a down payment. How much down payment you have will affect how much they feel comfortable lending you. Plus, they often like to see that you have some money left after making the purchase, so you have some reserves in your account. Remember, there are often additional costs when you own a home, like maintenance or higher utility bills.<\/li>\n\n\n\n<li><strong>How much&nbsp;<em>other<\/em>&nbsp;debt you have to pay each month.<\/strong>&nbsp;Lenders look at what\u2019s called your \u201cDebt-to-Income Ratio\u201d in order to assess how much of your income goes toward paying debt each month. While there\u2019s certainly exceptions, the percentages many in the industry claim is \u201cideal\u201d tend to be 28% of your total gross monthly income goes toward housing, and 35% of your gross monthly income is allotted to your total debt payments.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-bd330fac94e9280726cce64a9cd9318c\">So if you\u2019re pre-approved for a mortgage, but it\u2019s for less than you pay per month in rent, or aren\u2019t approved at all even though you currently pay a certain amount of rent without an issue, just know that there are more factors a lender considers.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-170ed509ab08bbb581f5273419ff1092\">But even if you\u2019re initially not approved at all, or for a lower amount than you think you can spend per month, ask the lender what you need to do in order to be approved for the monthly payment you feel you can comfortably afford. They\u2019ll be able to give you insight into the areas they need to see improvement.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-a34a5313aec1a23ac47edef1443319e5\">Don\u2019t give up and feel like it\u2019s a forever thing.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-black-color has-text-color has-link-color wp-elements-40e9b91189fe345abc7972a7092f521c is-layout-flow wp-block-quote-is-layout-flow\">\n<h4 class=\"wp-block-heading\">The Takeaway:<\/h4>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-e7675972bb5a763bd81bb09af676b26d\">When someone who has been faithfully paying rent at a certain amount per month is either not approved for a mortgage at all, or for an amount that is less than they currently spend per month, it often makes them wonder why.<\/p>\n\n\n\n<p>However, just because you can afford to pay a certain amount in rent, doesn\u2019t mean a lender will approve you for that same amount because they have stricter criteria and standards than a landlord typically has when considering whether you can maintain that monthly payment.<\/p>\n\n\n\n<p>If you aren\u2019t approved for as much as you feel you can comfortably handle per month, ask your lender for insight and advice as to what you can do to impact how much they\u2019ll be willing to lend you, and once you\u2019ve improved the conditions, ask them (or another lender) to reconsider the amount you\u2019re approved to spend.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Rents have increased quite a bit over the past few years for many renters, but even the most affordable rent can start to feel like money slipping through your fingers every month, with no long-term return. This often leads to renters considering buying a place of their own, so that their monthly housing costs go [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","osh_disable_topbar_sticky":"default","osh_disable_header_sticky":"default","osh_sticky_header_style":"default","osh_sticky_header_effect":"","osh_custom_sticky_logo":0,"osh_custom_retina_sticky_logo":0,"osh_custom_sticky_logo_height":0,"osh_background_color":"","osh_links_color":"","osh_links_hover_color":"","osh_links_active_color":"","osh_links_bg_color":"","osh_links_hover_bg_color":"","osh_links_active_bg_color":"","osh_menu_social_links_color":"","osh_menu_social_hover_links_color":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[6,65,64,2],"tags":[45,43,44,60,61,62,33,63],"class_list":["post-1255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying","category-financing","category-mortgage","category-tips","tag-house-hunters","tag-house-hunting","tag-house-shopping","tag-mortgage","tag-pre-approval","tag-pre-qualified","tag-real-estate","tag-rent-vs-mortgage","entry","has-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Can You Pay $2,000 in Rent (Or Any Other Amount) but Not Be Approved for a Mortgage That Costs the Same Amount per Month? 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