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ucommons35 | Should I Be Worried! Please Help - About to Purchase Condo? |
Ok, first thanks for reading this question.
My wife and I purchased a Condo Last Year in Chicago for 360k, this Condo was under construction and will be ready in July. We already gave 36K deposit for earnest money which will be used as down payment. We plan on putting another 36k at least to make 20% down. We might put more down, maybe even 100k total.
We make combine 70K and have a combined credit score of about 680 -
My question is - do we qualify for a traditional 30 year fixed at a good interest rate? Is it even possible to do a 15 year fixed with our income.
I'm a little worried we will not qualify for a loan because of our low combine income(70K).
The condo has 3 bedrooms so we plan on renting 2 of them out for 1000k a month to help out with the mortgage (do lenders consider rental money and should I even mention it?)
Thanks for any help =) |
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BabyFirefly
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First of all what you need to do is go get yourself pre-approved for a mortgage!!! That should have been the very first step before you even started looking at condos. I'm surprised any lenders would accept such a deposit without approving you completely for the loan!
Next, 680 is fairly average for a credit score (not great, but definitely not bad). They will mainly take that score into consideration for your interest rate (which could really only fluctuate about .3 percent). Income level is good, but considering the cost of the condo, combined with other expenses (car payments, insurance, taxes, credit cards, any other loans or pre-existing monthly bills), I could say with confidence that 15 year mortgage is NOT the way to go.
They won't take the rent for the other bedrooms into consideration, unless you have a lease signed by tenants, and the income is GUARANTEED to come in. Otherwise, who knows if you'll really find someone to rent those out or how long it will take TO find someone.
Talk to your real estate agent (and please tell me you have one with such an expensive condo). Figure out your finances and GOOD LUCK! :) |
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kablanim
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I use http://www.HomePriceMaps.com to search for realty prices by zipcode and/or city. Also-if you don't see any data for your area you can email them your info and they will quickly post home data for your area and email you within a day or two. pretty convenient. |
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Brian
 |
Don't forget the property taxes when calculating your monthly payment on that loan!!! (obviously the taxes are not part of the loan but you will still have to budget for them yearly.)
In some areas of Chicago these will factor SIGNIFICANTLY into your monthly payment. In Lincoln Park, for example, they're completely ridiculous. In Edgewater (where I live) they're very low (I pay less than 900/year on a 1BR condo+parking spot.) |
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MM
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YOU CAN DO A STATED INCOME VERIFIED ASSETS WHICH MEANS THAT THE LENDER WOULD NOT VERIFIED YOUR INCOME AND YOU DONT HAVE TO PROOF ANY CHECKSTUBS.
YOU CAN GO FOR A 30YR FIXED AND DONT HAVE TO WORRIED ABOUT THE PMI BECAUSE YOUR PUTTING DOWN 20%, BUT IF YOU GO STATED THE INTEREST RATE MAY BE A LITTLE HIGHER THAN FULL DOC. IF YOU GO WITH 15YRS FIXED YOUR MORTGAGE PAYMENT WILL BE HIGHER THAN IF YOU DO IT 30YRS BECAUSE IS A SHORT TERM LOAN.TALK TO A MORTGAGE COMPANY THEY DEAL WITH STATED INCOME, DONT GO TO A BANK BECAUSE BANK DONT DEAL WITH STATED INCOME ONLY FULL DOC GOOD LUCK |
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Dan
 |
Your lender/mortgage company should have taken beau coup more information than this and you should already have your answer. If you haven't done this homework, then run, do not walk, and figure it out. Your annual income sounds fine but what's your outgoing bills? Credit looks low so you may not get the best rate. Work on that for re-finance. Rental income will probably be factored in but only minimally since you really dont own rental income property...yet. |
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lala
 |
countrywide more than likely will give you a loan....i got a loan with them on stated income and i had a credit score a little higher that 680.. they do not combine credit scores thought.. most lenders will go by whoever has they highest score..i would use the rest of the money to use at closing |
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Daniel
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Rates are still very good right now, and your credit score is good (although not excellent). If you can put as much down as 100k, you will have no trouble getting a good loan at a good rate... just go to someone you trust (there are a lot of snakes out there and it's difficult to know if you're getting the best deal).
Typically, a person who takes out a 30 year jumbo spends about 35% of their income on debt service (mortgage) and a $300k mortgage at your credit should be less than $2,500 a month ($30k a year), so it's a little high, but they may not give you a problem at all, and if they do, another 10% down will put you easily in the green.
Do not do the 15 year unless you put a full 100k down (so your payment will still be affordable at under $30k a year), but if possible do it because you'll build equity a lot faster (it's more than twice as fast because of the compound interest), but if you feel you can't afford it, then don't try (it's not worth getting into financial stress... especially as interest rates will be rising and it will be difficult to refinance).
Also, be sure to take into account vacancy when renting rooms (they won't be rented 100% of the time and not taking that into account could strain you in tough times), and don't bother mentioning it because you want them to look at this as an owner occupied purchase for multiple reasons including interest rates. |
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saghieh
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680 is a good score ,do not mention the rental income for this is owner occupied you do not want it to be considered investment ,the rate goes up ,go for a 30 ayear fixed for the spread between that and the variable is low now and then if you have more money you can pay it off in 15 or even 10 as you please but the 30 year gives you more flexibility in payment if you ever feel squeezed financially.at last 680 score with 20 % down is a very strong position do not let them make you think otherwise they do that just to control you and make you accept haigher rates and payments ,i know i am a broker in california .take care |
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lolo
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yes |
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