Just make sure you put a mortgage contingence with you offer. This allows you time to get approved for a higher amount and if you can’t get approved you may notify the seller and exit the deal. Just mention this to your agent and he/ she will know what to do and walk you through this.
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If you’re still wondering how to get approved for a higher mortgage loan, you can bring in a co-borrower – that extra income and equity will likely enable you to qualify for your home. Co-borrowers can be occupants or non-occupants. An occupying co-borrower lives in the home with you. A non-occupant co-borrower is more like a co-signer.
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The higher your debt-to-income ratio, the less likely a lender is to approve you for a mortgage, bu you can get a mortgage even with a high debt ratio. Put Up a Large Down Payment Making a large down payment toward a home can increase your chances of getting approved for a loan despite your high debt-to-income ratio.
How to Get Approved for a Mortgage – Money Under 30 – Getting approved for the mortgage you want is all about staying within certain ratios lenders use to determine how much you can afford for a mortgage payment. large debt payments (like an auto loan or big student loans) will limit the size of the mortgage approval you can get.
Raise your credit score. A higher credit score helps you land not only a lower interest rate but also a slightly larger loan, in many cases. "Having a higher credit score may allow you to qualify for a higher mortgage (amount), but only to a certain extent," says Matt Hackett, operations manager at Equity Now,
There are all kinds of circumstances that can involve hard credit inquiries — loan, mortgage, and credit card applications. you’ll probably get approved, but at a higher APR than you could have.