There is also a three-digit code number assigned to each currency, in the same manner as there is also a three-digit code number assigned to each country as part of ISO 3166. This numeric code is usually the same as the ISO 3166-1 numeric code.
This calculator uses these guidelines for determining how much house you can afford, which are similar to common underwriting criteria that mortgage lenders use. 1  Your total mortgage payment should be no more than 28 percent of your gross monthly income.
Lenders are in charge of setting their own guidelines in reference to how long a pre-approval is valid. Some lenders will set a guideline of 45 days, while others will go as long as 90 days.However, should a pre-approval letter expire because the borrower hasn't found the right house, he can obtain a new pre-approval letter once the lender has re-verified his income, debt and credit situation.re-approval letters will range based on the type of the loan that the consumer selects. However, pre-approval letters can be issued for multiple types of qualifying loans. When a consumer is pre-approved for a conventional loan, for example, she could also be dually qualified for a FHA loan.