It is quite possible to become a homeowner with only one salary, here are the explanations and solutions to obtain financing.
Homeownership requires following several steps from obtaining the financing request to obtaining the keys. The first necessary step is to assess its repayment capacity, it is simply the amount that we will be able to borrow from banks with his personal financial situation.
Home loan: only one salary on a permanent contract
The ability to borrow can be doubled when you are two borrowers, ie a couple wishing to become an owner. With two salaries, the chances of obtaining financing are greater since the capacity to borrow will be increased tenfold, provided of course that the two borrowers are in a situation, civil servants, manager or retirees.
That said, borrowing alone is not utopian, on the contrary. It is quite possible to obtain a mortgage by having only one permanent contract and one salary. You should know that it is the debt capacity that defines the feasibility of a real estate project.
In France, you cannot go into debt for more than 33% of your income, this simply means that you will devote a maximum of one-third of the amount of your salary. If a borrower receives a net income of $ 1,500, he can devote a maximum of $ 495 each month to repay a monthly mortgage loan.
What are the criteria for borrowing alone?
As with any mortgage application, it is important for the borrower to justify a stable professional situation, so we naturally speak of a permanent or similar contract (manager, civil servant, retiree). To this must be added stable and regular income.
These are obviously not the only criteria that will be taken into account in the context of a borrower alone, the bank will also study bank accounts to calculate the debt ratio but also the rest to live. These are two indicators of the financial health of households which allows one to validate or not the financing agreement within the framework of a mortgage.
If the borrower wishing to become a homeowner with only one salary currently reimburses consumer loans, he will have to deduct the amount of the consumer loan monthly payments from the maximum monthly payment that he can borrow.
If this same borrower who receives a monthly net income of $ 1,500 and who currently reimburses $ 200 of monthly consumer loans wishes to take out a mortgage, he can only spend $ 295 per month on repayment of a mortgage. In this situation, it may be advisable to request a grouping of credits to reduce the monthly payments, unless the monthly payment is sufficient to access the property.
Simulate a home loan for a single borrower
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Each situation is different and requires a personalized approach, it is the peculiarity of a mortgage application that requires a first study online. You just have to simulate your mortgage by specifying the information relating to your personal and financial situation.
This allows you to quickly know if the project is feasible but also to be aware of the repayment conditions offered by banks and credit institutions.