 Are there lenders who offer financing with stated income to a self employed buyer for investment property? |
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Can anyone provide names of lenders who offer this type of financing? My middle score is 624, I've been self employed in the same field for the past 51/2yrs and ... |
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 What do you think of someone buying a home and having a mortgage at a young age? |
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 First time landlord, what i need to know.? |
I am renting my home for the first time. For those of you are property managers, can you provide me some tips or information on what i need to look for?
I know i will do background and ... |
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 Is it legal for a landlord to tell other tenants that your leaving??? |
And also do you HAVE TO leave a forwarding address?
What's the best way to make sure you get your whole security deposit back?
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IT WOULDN'T BE NICE FOR HI... |
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 Is it worth buying a house specifically to rent/? |
| does anyone have any experience of this? and if so, is it still financially viable or are too many people doing it? i see a lot of houses for rent but know a lot of young people who have no choice ... |
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 A realtor (not our realtor) showed our house last night. Can we contact them or should our realtor?? |
| Another realtor from a different agency showed our house last night. It was the second showing for some interested buyers. Our realtor can be somewhat lazy in contacting or calling us back. Would ... |
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 Can my landlord do this to me? |
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 I have been turned down for a second mortgage on my home & no other place has even contacted me.? |
| Does anyone know of a good loan place I could contact for a second mortgage. I did file bankruptcy nearly 5 yrs. ago due to my husbands employer filing bankruptcy. We do however pay our other bills ... |
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 Question about renting an apartment.? |
| This is my first time renting an apartment. I found this cute apartment for $875 a month and the security deposit is $875. Do I pay the first months rent and the security deposit? Or just the ... |
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Heather B | My husband and I are wanting to buy our 1st home. But are stuck with q's from getting a loan...help please!!? |
Okay so we went to look at a house that we thought we liked, but wound up not liking it. The realtor gave us a number to peoples first to get pre approved over the phone. Well the lady said we had really good credit but we would only qualify for 90,000 and even than our payments would be 750 a month. We cant afford over 600 so why would that be if our credit is good? and is there somewhere else we can look into about getting a loan, or will that be the same anywhere else? as in only qualifing for no more than 90.000? I would very much appreciate any help and advice. Thanks!
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Oh yea, this would be our first time buying a home, if it makes a difference. |
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Tom B
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If you need help with getting approved with good credit and good income you should be fine. I am thinking that since your credit is great your income might be holding you back from getting approved for more money. If you have any other questions just send me an email I may be able to help you |
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Jason
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How they determine what you can afford is with your DTI (Debt to Income) calculation. How much you make (income) subtract how much you owe (debt). Then they take whats left over and use a certain percentage to calculate what you can afford; different mortgage companys have different percentages.
Yes, your credit is important, however your credit is related more to your interest rate you'll receive. The better your credit the lower your interest rate.
Your credit and how much you can afford are pretty much different issues.
Hope this helps and good luck! Let me know if I can of more help! |
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slickmickeygal
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well, it depends on what your income is. my fiance and i are just finishing up buying our first home. our credit scores are good (over 700 each). we qualified up to 190,000 (but we wouldnt have been able to afford much more than 160K). combined incomes gives us about 65-70K/year.
also, what kind of financing are you looking at? conventional or FHA? really, your best bet right now is to go to an actual mortgage lender and sit down and let them talk to you about everything. its a lot easier than doing all the online pre-approval because you'll get an actual number to work with |
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gary s
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Rule of thumb is your take home pay minus expenses divided by 1/4 to 1/2.Try other lenders as many might give you a credit for 1st time home buyer.Do not forget that taxes and insurance are usually included in the monthly payments.We bought ours for $81,000 30 year fixed at 7.5%.With taxes and escrow that put the monthly payment at $671.92.And hopefully,you will get cost of living increases that keep pace with inflation.It was my first house as well. |
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Steve D
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You are conflating two different items here - what you qualify for and what your payments would be.
First, your credit and your income according to the loan officer qualify you for a max of $90,000 loan (I assume a 30-year). What you qualify for has nothing to do with the payments.
Next, then you figure the payments, which, as you found out, would be about $750 based on the $90,000 at today's interest rate. This has nothing directly to do with how much you can afford or get pre-approved.
Since you know how much you can afford to pay per month ($600), start from there. Right now, mortgage rates are about 5.75% for 30 years. Now assuming property taxes and PMI will add about $100 into your monthly payment (at a minimum), the highest P&I (principle and interest) payment you could get by with is $500/month, which actually works out to about $85,000.
However, if you run the $90,000 through using 7% interest, P&I payment comes out at almost $600 a month, then add in property taxes and PMI and you are probably very close to $750.
Again, they have a set formula for what they consider affordable and it may not line up with what you think you can afford. I would suggest asking your real estate agent for the number to a mortgage broker and call him/her. The broker can shop around and try to get you a better interest rate which will change the payments.
Lastly, many lenders use a rule of thumb that the most anyone will qualify for is a mortgage three times your gross annual salary. If you make more than $30,000 a year combined, you might want to call the bank and see why they only qualified you for $90,000. Your other option for bringing the payment down would be to look into a 40-year mortgage. You will end up spending quite a bit more over teh life of the loan, but your payments will be lower.
You also might want to get a rough estimate of affordability by using the following calculator:
http://www.mortgage101.com/partner-scripts/1070.asp?p=mtg101& |
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flutterby
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You should always shop around for loans. The only thing is not to actually apply until you have it narrowed down because every time someone does a credit check it actually hurts your credit... |
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smiley_face_boxers
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I would seriously consider checking out the FHA website for first time home buyers, and young couples who can't afford rent, let alone a mortgage.
The government is really tightening the reins on willy nilly mortgage lending, in lieu of the economy and housing market going into the crapper.
If you can't afford $700 a month for mortgage, plus property taxes, escrow, gas, groceries, home repairs, etc...Seek free counsel, before getting in over your head, only to deal with FORECLOSURE and all of the fees that come with it, as well as losing your possible new home.
Funny how 1 year I needed a co-signer for a used car, yet 3 years later we were pre-approved for an large amount to buy a house.
I think they were just quick to sign up a new sucker (who can afford it, but gas, groceries, and the cost of parenthood aren't helping), get the commission on the sale, and could care less about whether or not we could actually afford it. Read up on "stated income loans" in CA and see what a mess THAT is.
Suzy Ormond also has some great info and advice on who can afford to buy VS. rent.
Update: These days I trust realtors about as much as shady lawyers! |
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infinite crisis 247
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1. do an FHA loan, you will do better as a first time homebuyer (especially as you probably cannot put down a large down payment)
2. always shop around for a loan, but don't even step foot into the mortgage office until you have ran your credit yourself. don't take their word for it. then, call around and ask about what kind of rates that you should get. however, do not give consent to have your credit ran to every tom, dick, and harry. narror your search down to 3 lenders and then go with one of them. if you have good credit, you will have leverage. if you have bad credit, you will be leveraged. also, i wouldnt do online or over the phone apps. i would do it face to face.
3. how much home that you get for 90k really depends on your area. in NJ, it won't get you much, but in Idaho, you can get a lot. it varies that much. |
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kepsaw
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You might go to www.quickenloans.com. My husband and I are currently doing a refinance on our home and they have been so helpful. Most everything is done on their website. At closing, they come to you. I have been really impressed with there professionalism. The reason why you only qualify for 90,000 is your income to debt ratio may be a little high or you have very little credit established. Good Luck! |
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Ed Atun
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Go to the bank where you have your checking account and ask them how much they will loan you to buy a house. If they say $90,000, start shopping. If they say less, ask why.. |
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