One of the common reasons for refusing a mortgage is a low income client. What if the official income is lower than required, or it is not enough to get the right 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 for correcting the situation.
How to calculate the payment?
Each bank has its own system for calculating the maximum possible customer payment. In some banking organizations, the amount of payment cannot exceed 40% of the average monthly income. In others, this threshold is 60%. There is a calculation scheme where the living wage in the region is taken as the basis. The amount of the subsistence minimum and all mandatory expenses of the client are deducted from the salary: maintenance and education of children, utilities and the like. Based on the remaining amount, the maximum loan payment is calculated. Some banks consider minor children as another minimum cost of living to the borrower's expenses. And others do not use this scheme and write this article of expenses according to the client. Surely you can find out how the bank will calculate the amount only in practice. The estimated income of the client should not be less than 30,000 rubles in the Moscow region. With a smaller amount, applications usually go into denial at the first stage of scoring. What to do if the amount is insufficient to receive a loan or the bank offers less than necessary? How to get a mortgage with a small official salary?
Bank form reference
Perhaps the easiest way to solve the problem with low official income. Each bank has a form that the employer must fill out "by hand", where the full income of the client will be indicated, taking into account the "gray" wages. What you need to specify in such a certificate:
1. Income must be stable and accrued at least three months prior to applying for a mortgage. Some banks need to provide information for at least six months, check this in advance. In an ideal form, in the certificate indicate income for the year. In a special table, each worked month and the amount of payment (in figures) are prescribed. In the last line 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, position and data of the employee for whom the certificate is issued. The details of the organization and the landline also appear. A fixed 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. On the form are two signatures: an accountant and a manager. Both with decryption. And a round branded original organization seal.
Often, employees whose employer company works according to a gray scheme have problems getting help. The organization is afraid that the bank will transfer the data to the tax service and will be punished with a fine or liquidated. Is it realistic to take a mortgage with a small salary if the certificate on the form of the bank is fraught with danger?
In fact, these fears have no basis. Firstly, the bank is not entitled to disclose data that carry financial secrets. This is not even in his interests, since he will lose the client (and not one if someone else from the company decides to apply for a loan). Secondly, a certificate on the form of the bank was created in order to confirm unofficial income. The very creation of this tool contradicts the idea of ​​transferring data to the tax one.
Other source of income
How to get a mortgage with a small official salary, if this 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 provided for the bank:
1. Request from the employer certificate 2-NDFL.
2. Information on the form of the 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 a scholarship indicating the amount.
5. Information on the calculation of benefits and social benefits from the social service.
6. If available, an agreement on the rental of property, indicating the amount of payment for the lease.
Accumulation
Are there any other ways to get a mortgage with a small official salary? The next option to confirm the solvency of the client is the availability of their own savings. Their appearance must be registered no later than six months before applying for a mortgage loan. The amount should be sufficient so that it can be used as an airbag. The client should be entitled to use the deposit if necessary. To confirm the availability of funds in the bank account, it is required to provide an account statement and a deposit agreement.
Co-borrower
Often, large banks use a policy of attracting a third party in obtaining a mortgage loan to ensure the security of payments. Usually it becomes 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 is the one of a pair of customers who have more official income. The salary of the main borrower and co-borrower is added up, the minimum subsistence minimum is deducted from them, after which there remains the amount based on which the loan amount is calculated. Such mutual assistance, in the 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 cannot pay the mortgage, then you are equally responsible. The Bank is entitled to demand penalties from both parties to the agreement. From the pros: the co-borrower has the same rights to mortgage real estate as the main borrower. The person who becomes a co-owner of the property should be selected carefully. This should be a person who can be entrusted with such an important business and get a mortgage with a small official salary.
Guarantor
What is the difference between the concepts of co-borrower and guarantor in a mortgage? There may be several guarantors in real estate lending. These should be people with sufficient income to get a loan. Unlike the co-borrower, the guarantor does not have rights to a share in the credited housing. The guarantor performs exclusively the guarantee function of repayment of the debt. If the client does not have enough income to receive a mortgage, he has the right to attract guarantors. But, as a rule, they are difficult to find. In case of non-payment of monthly payments by the borrower, the bank may present claims against the guarantor. Moreover, the guarantor’s heirs also come under threat in case of impossibility of payment of obligations by the main borrower, since the guarantor’s debts are inherited.
Two documents
Banks have special tariff plans for mortgage loans, according to which a significant simplification of the procedure for submitting documents is possible. How to get a mortgage with a small official salary, without proof of income?
If the client is able to make a down payment of 40% or more, special conditions are provided. The bank does not require certificates of income, and registration takes place according to two documents (passport, rights or SNILS). Often banks in these loans use a higher interest rate. Therefore, it is worth taking a closer look at the payment schedule and overpayment. This is the easiest option 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 resulting value of the property will be. Is the game worth the candle?
Social program
In large cities of Russia, and not only, there are various social programs for citizens that belong to the poor 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 the state benefits when applying for a mortgage loan. The state may provide a subsidy that 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, the living area in an apartment by meter per person, by registration, should not exceed a minimum of the region. Acquired real estate should be located in the region of registration and receipt of benefits. Plus, there is a long queue to receive subsidies from the state, and there is a chance to not wait at all if the borrower is close to 35 years old. Social programs are aimed mainly at young people; their age should not exceed 35 years.
Military mortgage
For people related to public service and officially registered in the ranks of internal troops or agencies, there is a wonderful program - a military mortgage. The only negative of which is that it is better to start using it as soon as possible. Can I get a mortgage with a small salary? After several years of service to the military and related categories of citizens, it is proposed to obtain 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. Each month, the amount that covers the payment is charged to the borrower's account. The amount is fixed for all military citizens, so the bank calculates the loan period and the amount that can be received in advance. Thus, the borrower completely eliminates the need to pay a home loan.
Special programs
Each major bank has 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, less demands are made on salary clients or partner companies, so there is a chance to take a mortgage with a small salary and at a low percentage.
Credit brokers
There are organizations that for a fee are ready to take the trouble of arranging a mortgage with a small official salary. Specialists in such organizations have access to the leadership of banks or know how to bypass the audit. 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 fraud cases are not uncommon. Before contacting, read the reviews of borrowers, it is advisable that someone from your friends share their experience in obtaining a loan with the help of such an organization.
Illegal actions
Very often they offer to help get a mortgage with a small salary, companies that are willing to provide the client with fake income documents for a fee. It is highly discouraged to use their services. For a small amount of 5-10 thousand rubles, an unlucky borrower is issued a fake income statement and a copy of the work book. The transfer of these documents to the bank is fraught with blocking the client for fraud, up to the transfer of the case to the police. Banks have the ability to verify the validity of the submitted documents on state registers. Even in the appearance of the paper, an experienced specialist is able to distinguish a fake from these documents. In addition, bank employees are trained in techniques to calculate the accuracy of the facts provided by the borrower. In order to avoid initiating a criminal case, fraudsters should not be indulged.
Recommendation
If after examining the bank's income documents, it turns out that the salary is not enough to get a mortgage, consider increasing the down payment. In such a 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.
Finally
When applying for a mortgage loan, consider your options. If there is not enough income to pay monthly payments, is it worth taking a loan? After all, there is a possibility that a month or a longer period will come when it will not work. There is a risk of being left without the amount already paid, and without real estate.