My score mid 600's....fiance's...low 600's. Combined income $134 K/yr (me $80 K.yr, her 54 K/yr). Willing to put $15,000 down. We have no credit card debt--she has student loans $230/mon, car will be paid off next year. How much can we afford and at rate interest rate? Is it true that a score of 620 gets the same rate as someone with say 700 and higher? Please advise. Thanks, TD
Most lenders will use your score. Are you both w2'd or self employed? How long? You could easily borrow 600K. I don't know what price range you are thinking about. You could do 100% if you want and use the 15K for closing costs. Interest rate will depend on loan to value and size of loan, income documentation, assets, etc. Scores with a 620 same as 700...not usually. There are different levels. 580,620,640,660,680 and 720. They look at mortgage and rental history first. Someone that has a 30 day late in the last 12 months with a 700 score could have a higher rate than the person with a 620 and no mortgage/rental lates. It really depends on what you are trying to do. Will you get a better rate with a 700 than a 620, yes usuallt. Will it make a huge difference, probably not. Again, it depends on what you are doing. An 80% 620 verses a 100% 700 rate will change. A full doc or stated loan, do you have assets or not. SOOOOO...I ran your numbers with a 6.5% worse case senario at 100% and you can qualify for 600K. What state are you in? Let me know if I can help further!!! Take a breath and relax...you will be FINE!!! Take care!
Wow $600K??? I read that the max is typically 2.8 x's your salary...so in our case ~ $350 K given our down payment plan??? Can you explain how you arrived @ that figure? I'm in Minnesota now...but we are looking to relocate to Alabama, Georgia, Tennessee, or Texas---the last two because of no state tax and environment... We went to realestate.com and saw where $250 - $300K homes in Texas were absolutely gorgeous....3500-5000 sq ft...etc....You should see what they get for $300 K here in Minneapolis...an absolute rape in my opinion... I'd like to talk to you more about the process...I admit, it is intimidating... Thanks for taking the time to respond. TD
Just to throw my two cents in, at least you can buy a house fo 300 k, in S. Cali you cant even get a Condo or Townhome for that much.....Florida has real nice houses for cheap in the Northern part as well and no state tax.
Re: Re: Loan Queen Helllllllllp! : ) I plugged in your salary, 600K loan amount and got a 38% ratio (lenders like to see 32-38% for the mortgage and no more than 50% on the total debt). I'm a Texan and you couldn't pay me to live there again. That's just my personal opinion. Hot as heck (HUMID) and freezing in the winter. Guess that's why I'm a CA girl. TX has weird lending laws. We are licensed there. The other poster is right. CA you can't get a home under 300K. FYI-GA has a lot of lending restrictions due to fraud. I'm sure you can find something in one of those states. Which brings up the question...what about employment. Are you both transferring or self? You are most welcome!!! It can be intimidating, but VERY exciting...email me and we can speak further if you'd like. I'd be happy to help in whatever way I can.
Re: Re: Loan Queen Helllllllllp! : ) Thanks Loan Queen... I tried to e-mail you, but it says you do not allow users to do so. TD
Re: Re: Loan Queen Helllllllllp! : ) YOU ARE WELCOME!! loanqueen2003@yahoo.com Look forward to chatting with you!! Remember you CAN do this!!!
