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Additional Details
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 Am I a canidate for a home loan? |
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Nicole A | Does anyone know how to find out what mortgage I would be approved for before we go to bank? |
My hubby and I both make about 45K before taxes. Our credit scores are about 715. Our current rent is $810. The houses we are looking at are about 95K. I am graduating from nursing school next year, so my income is going to double but we are trying to get a "low income" mortgage so that's why we are looking now.
Additional Details
Let me clarify "low income". New York offers lower rates for first time home buyers who make under 65K. When I get done with school next year, I'll make close to that limit. The rates are 5.6% which is lower than the other mortgages I've seen. |
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David Beasley
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Based on your current scenario:
$95000 purchase
$606.65 Princ + Int (30fixed FHA at 6.5%)
~$50 insurance
~$100 taxes
$38.20 monthly MI
______
$794/month
Your income $45K/yr $3750/month max qualfying ratio with your score is 48% DTI or $1800 total for all bills + PITI+MI
$1800
-$794 PITI+MI
_____
$1006 for all bills on credit (auto, student loans, credit cards)
If ALL your bills on credit are less than $1000/month you will qualify JUST FINE!
Now get with a mortgage professional to GET AN LSR to your realtor and PUT IN AN OFFER!
Best of luck! |
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mwcritt
 |
Go to one of the online mortgage services and do a pre-qualification application. You don't have to actually get the mortgage from them if you can find something better, but they will tell you how much you qualify for. |
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golferwhoworks
 |
not enough information. Need all monthly bills added so you can determine a debt to income ratio. You may qualify but then again you may not |
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kate
|
Sounds like you may be confused about the mortgage lending process . . .
"Low income" mortgages ?
The banks and other lenders do pre-qualification letters ,
They assess your income and debts and each lender decides how much they would lend you for real estate .
You do Not have to take the max , you can always borrow less .
And the issue you should be interested in is the % rate and term .
You want the lowest rate ( low income does Not get you a low rate ) ,
With a 15 to 30 year fixed , NOT an ARM .
Visit your lender and they will cover the details with you ,
The pre-quals are free and there is no obligation .
> |
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Biggie @ Arbor Mortgage
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Is the 45k total or each? What are your outgoing bills, credit cards, car payments, student loans etc. Need to know the min. payments to qualify you for a mortgage. |
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Jools
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Go to Lending Tree.com. That's where I went when I wanted to refinance my car. I wanted to see what I would qualify for, and gave all my info. At that point I found out that I qualified for a much better deal, and went with one of the companies that gave me an offer.
Then I decided to buy a condo, and went back to Lending Tree. They were unable to find anyone to finance me. I sort of expected this, but I was just curious to see if I could get anything. |
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daeve930
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And you're thinking that $90k is low income? You seem to think this will get you a better rate. Nope.
Every lender has it's own guidelines. There's really no way to tell before you actually apply what you'll get from them. There's a complicated internal scorecard on desktop underwriter that will determine what rate you get. You'll be approved without any trouble, if you have enough assets and reserves, but until you actually go through desktop underwriting you won't be able to tell what rate you'll get. |
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Dale H
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The point of going to the bank is to determine what type of mortgage you could be approved for or which is best for your personal circumstances.
Check with your state housing finance agency to see if they have special first time home buyer programs. The usually have income restrictions and may be the best program for you if you are eligible. They should also have a list of lenders who offer the program so that you can contact them for assistance in processing your application.
If you do not have a lot of other debt, it sounds like you have a reasonable chance of being approved for a high loan to value purchase loan. The FHA has come on strong in many markets as conventional lending and PMI have become more restrictive and expensive.
Good luck. |
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Worldly25
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there are plenty of sites online with mortgage calculators.
Also if you bank locally, drop in and inquire with that bank They can give you plenty of assistance and point you in the right direction. |
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