One of the most common reasons for refusal of a mortgage loan is a client's low income. What if the official income is lower than required, or it is not enough to receive the required amount? What if the employer pays wages in an envelope? Is it possible to take a mortgage if there is no official income at all? How to get a mortgage with a small official salary? Consider options to remedy the situation.
How to calculate payment?
Each bank has its own system for calculating the maximum possible customer payment. In some banking organizations, the payment amount cannot exceed 40% of the average monthly income. In others, this threshold is 60%. There is a calculation scheme based on the cost of living in the region. The amount of the subsistence minimum and all obligatory expenses of the client are deducted from the salary: the maintenance and education of children, utilities, and the like. Based on the remaining amount,calculate the maximum payment on the loan. Some banks include minor children as another minimum living wage to the borrower's expenses. And others do not use this scheme and write this expense item according to the client. Surely you can find out how the bank will calculate the amount only in practice. Approximately confirmed income of the client should not be less than 30,000 rubles in the Moscow region. With a smaller amount, applications usually go into rejection at the first stage of scoring. What to do if the amount is not enough to get a loan or the bank offers less than you need? How to get a mortgage with a small official salary?
Reference on the bank form
Probably the easiest way to solve the problem of low official income. Each bank has a form that the employer must fill out "by hand", which will indicate the client's full income, taking into account the "gray" wages. What you need to indicate in such a certificate:
1. Income must be stable and accrued for at least three months prior to applying for a mortgage. Some banks require you to provide information for at least six months, check this in advance. Ideally, the certificate indicates income for the year. In a special table, each month worked and the amount of payment (in numbers) are prescribed. In the last line they write the word "TOTAL" and the summed income for the specified period.
2. All information fields are filled in, namely: the full name of the organization and its details, the position and data of the employee for whom thereference. The details of the organization and the landline telephone number also appear. A landline number is required by the requirements of most banks, this should be given special attention.
3. The amount of earnings is indicated in full: official and gray wages.
4. Two signatures are put on the form: the accountant and the head. Both are encrypted. And a round company original seal of the organization.
Often, employees whose employer company works according to a gray scheme have problems obtaining a certificate. The organization is afraid that the bank will transfer the data to the tax service and it will be punished with a fine or liquidated. Is it realistic to take a mortgage with a small salary if a certificate in the form of a bank is fraught with danger?
In fact, these fears have no basis. Firstly, the bank is not en titled to publish data that carry financial secrecy. It's not even in his best interest, as he will lose a client (and more than one if anyone else from the firm decides to apply for a loan). Secondly, a certificate in the form of a bank was created in order to confirm unofficial income. The very creation of this tool contradicts the idea of transferring data to the tax office.
Other source of income
How to get a mortgage with a small official salary, if it is all income from the employer? There is a chance if the client has an additional source of income, for example: pension, social benefits, second job, scholarship. This is something that can be confirmed. The following documents should be submitted for the bank:
1. Request fromemployer's certificate 2-personal income tax.
2. Help in the form of a bank.
3. An extract from the Pension Fund on the appointment of a pension or a certificate of the amount that the client receives monthly.
4. Students need to take a certificate from the accounting department of the university on the accrual of scholarships, indicating the amount.
5. Certificates on the calculation of benefits and social payments from the social service.
6. If available, an agreement from the lease of the property, indicating the amount of payment for rent.
Are there other ways to get a mortgage with a small official salary? The next option to confirm the client's solvency is the availability of own savings. Their appearance must be registered no later than six months before applying for a mortgage loan. The amount must be sufficient so that it can be used as an airbag. The client should be en titled to use the deposit if necessary. To confirm the availability of funds in the account, the bank must provide an account statement and a deposit agreement.
To ensure the security of payments, large banks often use a policy of involving a third party in the execution of a mortgage loan. This is usually the client's spouse or close relative. How to get a mortgage with a small salary if the spouse has a higher income? It is recommended that the main borrower be the one of the pair of clients who has the highest official income. The salary of the main borrower and the co-borrower is summed up, subtracted from themthe minimum living wage, after which the amount remains, on the basis of which the loan amount is calculated. Such mutual assistance, in case of low income, provides invaluable support. The downside is that then the property becomes a responsibility for each of the borrowers. If you are a co-borrower and the main client is unable to pay the mortgage, then you are equally liable. The Bank has the right to demand pen alties from both persons participating in the agreement. Of the benefits: the co-borrower has the same rights to mortgage real estate as the main borrower. The person who will become the co-owner of the property should be selected carefully. It should be someone who can be trusted with such an important matter and get a mortgage with a small official salary.
What is the difference between a co-borrower and a guarantor in a mortgage? There can be several guarantors in real estate lending. These should be people with sufficient, confirmed income to apply for a loan. Unlike a co-borrower, the guarantor does not have rights to a share in the loaned housing. The guarantor performs exclusively the guarantee function of debt repayment. If the client has insufficient income to obtain a mortgage, he has the right to attract guarantors. But they are usually hard to find. In case of non-payment of monthly payments by the borrower, the bank may present claims to the guarantor. Moreover, the guarantor's heirs are also at risk if the principal borrower fails to pay obligations, since the guarantor's debts are inherited.
Banks have special tariff plans for mortgage loans, according to which it is possible to significantly simplify the procedure for submitting documents. How to get a mortgage with a small official salary, without proof of income?
If the client is able to make an initial payment of 40% or more, special conditions are provided. The bank does not require income statements, and registration takes place according to two documents (passport, driving license or SNILS). Often banks in such loans use an increased interest rate. Therefore, it is worth taking a closer look at the payment schedule and overpayment. This is the easiest option, allowing you to get a mortgage with a small official salary. Calculate in advance how much money per month will be spent on payment and how much the property will cost in the end. Is the game worth the candle?
In large cities of Russia, and not only, there are various social programs for citizens who belong to the low-income and low-income categories of the population. How to get a mortgage with a small official salary? In particular, in Moscow there are programs "Young Family" and "Housing". The conditions for them differ, but it is possible to take advantage of benefits from the state when applying for a mortgage loan. The state may provide a subsidy, which the borrower can use to increase the down payment or to pay the principal amount of the debt. The difficulty in obtaining benefits is that the borrower must meet many requirements. For example, living space in an apartment by footage per person, byregistration, should not exceed the minimum for the region. The acquired property must be located in the region of registration and receipt of benefits. Plus, there is a long queue to receive a subsidy from the state, and there is a chance not to wait at all if the age of the borrower is approaching 35 years. Social programs are designed mainly for young people, the age should not exceed 35 years.
For people related to the public service and officially registered in the ranks of internal troops or bodies, there is a wonderful program - a military mortgage. The only disadvantage of which is that it is better to start using it as early as possible. Is it possible to get a mortgage with a small salary? After several years of service, the military and related categories of citizens are invited to apply for a housing loan. A preferential interest rate is provided, the borrower is only required to make a sufficient down payment. Further, until the end of the service, the state itself pays the loan. The amount that covers the payment is credited to the borrower's account every month. The amount is fixed for all military citizens, so the bank calculates in advance the loan term and the amount that can be received. Thus, the borrower completely gets rid of the need to pay a housing loan.
In every major bank there is a category of customers who have preferential conditions for obtaining a loan. If wages are issued through a bank, it makes sense to ask bank employees about such programs. As a rule, tothere are fewer requirements for payroll clients or partner companies, so there is a chance to get a mortgage with a small salary and at a low interest rate.
There are organizations that, for a fee, are ready to take on the hassle of obtaining a mortgage with a small official salary. Specialists in such organizations have access to the management of banks or know how to bypass the check. They have information on how the payment is calculated in each bank. The commission for the services of credit brokers is high and ranges from 0.5 to 3% of the loan amount. But there is a real chance with their help to become a happy owner of your own property. When choosing a loan broker, you should be careful and careful, as cases of fraud are not uncommon. Before contacting, read the reviews of borrowers, it is desirable that someone you know share their experience in obtaining a loan with the help of such an organization.
Very often offer to help get a mortgage with a small salary, firms that are willing to provide the client for a fee false income documents. It is highly recommended not to use their services. For a small amount of 5-10 thousand rubles, the unlucky borrower is given fake income certificates and a copy of the work book. The transfer of these documents to the bank is fraught with the blocking of the client for fraud, up to the transfer of the case to the police. Banks have the opportunity to check the validity of the documents provided by state registers. Even by the appearance of the paper, an experienced specialist is able todistinguish fake from real documents. In addition, bank employees are trained in techniques to calculate the reliability of the facts provided by the borrower. In order to avoid initiating a criminal case, one should not indulge scammers.
If, after examining the bank's income documents, it turns out that wages are not enough to get a mortgage, consider increasing the down payment. In this simple way, the main body of the loan will decrease, and the amount of the monthly payment will become less. So there is a chance that the income will be enough.
When applying for a mortgage loan, calculate your options. If the income is not enough to pay monthly payments, is it worth taking a loan? After all, there is a possibility that there will come a month or a longer period when it will not be possible to pay. There is a risk of being left without the amount already paid, and without real estate.