I plan on applying for a mortgage in about 6 months. My credit scores are excellent (middle score around 800), credit card utilization will show zero, one car loan (30K) with a $418 payment. My main concern is: I have extremely high student loan balances, around 120K. I will apply for a consolidation loan (another inquiry, unfortunately) to lower the payment, but how will that affect me? I'm a recent college graduate purchasing my first home. I own a translation/localization company and my debt ratios will remain within the 28/36 range. I will likely need a NINA loan with low down. Thanks. David
wont affect you and with those scores if you can muster up 10% you will get a much better rate then the NINA loans.......are you thinking NINA because of your income being low..or new to the field or? DOnt get me wrong though you are in a great situation with yer numbers....and even a NINA loan wont be that bad......but again. with the scores and all 100% should be a slam dunk.
My income is extremely high, but it's a new business, and so I don't have the required paperwork for a full doc loan. My other concern was that my rent now is $530/mo, but I'm going to be relocating to LA area, where housing is considerably higher. Even with high scores, will a jumbo loan still be underwritten if the monthly PITI (or maybe just ITI depending on the program) is 6 or 7 times the current rent amount? Or does that even matter? Thanks for your help and encouragement! David
That is payment shoick and normally it would apply but in your case it wont..........the NINA loan will prolly work the best for you but make sure you make the broker/bank give you a few options to look at
