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In these types of loans, some commercial lenders may ask you for personal information, such as your monthly personal income and debt, determined by dividing monthly housing expenses by gross monthly income. For example, for a one-person household, gross monthly income must be $1,592 or less. Keep in mind, your monthly mortgage payment--including principal, interest, real estate taxes, and homeowners insurance-should not exceed 28% of your gross monthly income. |
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