100k loan with 35k income through countrywide?

I have been pre-qualified for a home loan for 100k from countrywide through fha. I make 35k a year and have a car payment and cc debt that totals close to 500.00 does anyone think I will be able to be approved for the loan? The area is new jersey and the taxes I'm looking at is 2800 tops? I have other sourses of income through my boyfriend but he works under the table currently and is not on the loan. Also would old leases from places that I have rented for 1100 amonth matter in this case. thanks in advanced
Additional Details
I have like 5000 to put down they want 3%
I can afford it easily afford the payment
pre qualified is not pre approved
I have gave them all of the correct info
Taxs in New jersey is rediculous so yes 2800 is the tax

You should be able to cut it. You will get 20% of your taxes back since your income is below $100K (NJ law, that I am 90% sure it passed). Just check out the car insurance up there. It is also high in NJ. Ignore the people about saying to live somewhere else because of the taxes. That't just silly.

FHA looks at your credit- past leases that you broke & didn't pay? That would hurt your chances. FHA wants no more than 40% debt to income ratio- Depending on your rate you are going to be tight. But if you have been pre-qualified why are you asking this question? FHA looks hard at your last 2 years- credit/job history/ rental history/ income etc. You don't have to be perfect though. You will also have to have 3% down payment in the bank.

I was in your situation 15 years ago. I was pre approved for $160k. It was rental property which I lived in with my son. I actually purchased a $100k house with $1800 a year taxes. With the rental income and a car payment of $300, after gas, food, lights, water and maintenance,I was living month to month.

I wouldn't depend on any one else to pay for your mortgage but yourself. I would look into purchasing a smaller home at around $80k with less taxes. You can always go up in size and it will not compromise your living standards.

Please consider all your options before looking at a $100k house. When you are preapproved they go by guidelines of debt to income ratio (33%-40%) based on your gross pay. While a noble cause which will net you a home, with the numbers you get from a loan officer, you will be broke. Sit down and do a budget based on your take home pay. Use numbers that actually are comfortable to you. Always remember, in a home something will have to be repaired, no matter if it is a new home or not. Also costs are increasing meaning utilities and food are increasing as well.

You may find that your best option will be wait a year and try to increase both your income and down payment.

To be honest, no. With your debt and income, you should be looking at a house price of $50,000.

My guess is 60K at tops, but here is a calculator for you exact position in life
http://cgi.money.cnn.com/tools/houseafford/houseafford.html
Do not forget all the other items that come with owning a home like insurance, PMI, upkeep etc they do tend to add up very quickly

Your debt to income ratio is pretty high even without insurance included, 55%. So it's unlikely, Your only shot is if you have excellent credit. Your past rent doesn't matter, with the exception that they may just want to make sure you paid on time. This should have all been considered though when prequalifying you though, did they not have all of the correct info before.

It depends on your debt to income ratio and credit score. If you are pre-qualified and you gave him your financial information., you should be OK. With loans these days, you never know. The important question is do you think you can afford it?

Rule of thumb is house payment + other monthly debt payments and loans should not exceed 35% of gross income. You don't say what your monthly mortgage payment will be (which will be based on your loan details), so it's difficult to answer the question.

I have about $500 in debt a month as well and make about 20% more than you... my mortgage is under $100,000 and my yearly taxes are $1,800 and I find things a bit tight every few months. This may sound cliche, but remember you have to pay for food, gas, cable, internet, electric, gas, trash, sewage and water too. And then there's the unexpected repairs.

You may be pre-approved but you usually don't want to max out your approval amount.

$2,800 in taxes is an extra $233 per month! I'd try to save up a bunch and put at least 20% down on the house since you'll need the extra cash to pay the tax bill. Yikes.

There are very few markets that allow for 100% ffinancing. It's not just about credit, but risk in certain areas. If you're area is determined to be a "decreasing market" there probably will not be any 100% programs. Also, I believe FHA requires 3% down, so I'm not sure where they're getting 0% down.

I don't want to knock them too much, but I heard that CountryWide had/has one of the worst track records during this whole mortgage market melt down. One of the mortgage guys in my company said that Countrywide has 17,000 real estate listing. For a company not in the real estate business, that's a lot of inventory . . . where do you think that's coming from? Foreclosures because of badly written loans maybe?

I would shop around if I were you.

You want a home for 100,000 and the taxes are 2800 tops?? Are you hearing yourself lol? the taxes are too high unless the home was sold many many times over. Also it could be your area, that is STRANGE. Im 24 own a home taxes are like 1500 and rent it out for less than that. Also, I got my house making 14 dollars an hour..but I had cleared most of my debt...you should be fine with the loan...but do you really want to pay that much money in monthly taxes ON TOP OF YOUR MORTAGE...?

FUNDS MUST BE SOURCED...my man helped me with 6000 dollars and guess what, they needed it in writing why he gave it to me.. also the check had to be sourced..and how long it sat in my account..amongst my other major deposits

Watch out for CountryWide.

As an FYIвЂ¦ per the Federal Trade Commission (FTC) http://www.ftc.gov/freereports , there is only one source for you to get a free credit report from all three credit repositories, вЂњannualcreditreport.comвЂќ. https://www.annualcreditreport.com/cra/index.jsp

Do not give anyone else your personal info without seeing them in person.

Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (itвЂ™s not advice, its advertising), if they are not local to you and you canвЂ™t get to them within 1 hour donвЂ™t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.

Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (itвЂ™s not advice, its advertising). Don't buy "it."

When shopping for a mortgage, here are a few things to do to maximize your savings and time:
1. When asking for a Good Faith Estimate(GFE), tell each mortgage originator (lender) what interest rate to use so you can compare apples to apples (rate affects closing costs). This is probably a different thought process for you because you always shop interest rates on a mortgage right? Remember all mortgage originators have identical wholesale interest rates. If you shop the same interest rate among mortgage originators, it levels the playing field and discloses what they want to charge you for their time to originate and close your mortgage. It is similar to shopping for a car. Why does the exact same new car vary in cost from one dealership to the next? Some dealers want to make more profit than others.
2. Secure Good Faith Estimates from various mortgage originators within a 4 hour time frame (rate and pricing can change daily and even multiple times in one day).
3. Do not compare the prepaids, reserves, escrow, title charges, and government recording sections of the estimates; third part fees are not controlled by the mortgage originator.
4. Ask each mortgage originator to base the interest rate on a 30 day lock unless you need longer.
5. If the loan allows you to waive escrow (paying taxes & insurance yourself), let the mortgage originators know because this will affect closing costs.
6. If refinancing, let the mortgage originators know if you are pulling cash out. A cash-out refinance usually increases closing costs.
Your Biggest Challenge
The mortgage industry today has never been more unethical. The industry has produced several record-breaking years in a row regarding total origination and as a result, greed is driving the industry. Your biggest challenge is receiving a Good Faith Estimate that is provided to you in "Good Faith"! We spend more time showing consumers how mortgage originators are lying to them in regards to an estimate given! ThatвЂ™s right, lying! вЂњBait and switchвЂќ has become a prominent sales tool in the mortgage industry. Bait you in with a bogus estimate then switch things after you are hooked. This is so discouraging; banks and so called direct lenders have become some of the worst at this practice. Education is your biggest weapon against this practice. Take the time to fully understand closing costs and rates before proceeding.
You should know exactly how much the mortgage originator is getting paid by all sources (no matter where it comes from, it's ultimately coming out of your pocket). Protect yourself by asking for and receiving prior to application and origination a written guarantee stating the TOTAL amount of compensation (YSP, rebates, commissions, kickbacks) that will be received and kept by the mortgage originator. This will help assure that your best interest is kept in mind.
Originating a mortgage is a service, not a product; compensation should not be based on the loan amount or interest rate.
All ethical, honest, upfront, transparent mortgage originators will be more than willing to provide you with a written total compensation guarantee in addition to the (GFE) Good Faith Estimate (focus on the word вЂњEstimateвЂќ because that is exactly what it is, an estimate of charges) prior to originating your loan.

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