Guys, Notwithstanding credit, in general, I want to know if any lender would issue me a $240,000 mortgage loan on an $71,000/yr salary. My only debt is a $150.00 student loan and that's it. I have NO credit cards so no credit lines will count against me. I just have that above debt to pay once a month. I'm hoping for little to no money down. Give from your experiences if you can help. I know they have all these ratios and thingslike that so I'm wondering even if I make enough moeny for a loan of that amount.
What is your FICO Score??? if you can show income and assets, you may be able to go alternate doc.. Utility Payments on time, rent on time, may count to get you good credit in the eyes of the mortgage lender...
Well my scores aren't great they are around 600 - 640 (yeah I know). I do have a great rental history and just paid off a car loan for 4 years with no lates. Student loans are current etc... There are two credit card charge off's (small). My credit might be questionable to them but the property I want is brand new and was just built so it's not as much of a risk vs a older house. The bank would get most or all of it's money in the event of a foreclosure which I wouldn't let happen unless some act of God. I've been on my job for 3 years and they can vouch I'm not getting fired anytime soon. My company is doing well despite the bad economy. I don't know what else to say. I'm calling this lady from Countrywide on Tuesday and will pray after that. This is what happened, I got preapproved for a $241,000 FHA loan. That's good and all but it's only good for NEW JERSEY~!~!~. I didn't know the FHA limits vary per county and state. That really sucks. I want to buy my house in PA and the FHA limit in the county I want to move to in PA is only $144,000!!! That's $100,000 lower. I was so shocked when I discovered this. $144,000 is nothing and HUD needs to raise their limits and catch up with the market in PA. My only hope now is to go conventional and beg. If anyone has any additional advice I'm listening.
I'd say that someone will approve you for a non-conforming conventional loan but I sure don't see a zero down payment in your future. Most require 20% down. Maybe you should talk to a mortgage broker who has a lot of resources out there. A lot of lenders use the 28/36 debt ratios. Your house payment can't exceed 28 percent of your monthly income and your total debt per month can't go higher than 36% of your monthly income. I doubt this has helped you much but a mortgage broker in your area can explain it better and will be more familiar with what lenders are expecting these days.
edoggie, We were in the same boat... Great rental history, and on jobs for 2-3 years. Our scores were in the low 600's and my DH even lower. We went through a Mortgage broker here in Calif. who worked a miracle... We had know money down: FHA limit $200,000. We got FHA with a second (Calif. Rural) 100% financing. Interest 6.65. Get a mortgage broker?
chichat, I didn't know you could do that. I'm mortgage illiterate so please excuse my ignorance. If I read your post correctly, I could combine and FHA loan with a secondary loan to make up the difference ? Here is the situation: House = $239,000 FHA LIMIT in that county = $144,000 (UGH!!!) But you are saying I can take a second mortgage for about $100,000 to make up the difference ? This would be wonderful. Please confirm
edoggie Have you checkout FHA.com it's very informative. It looks like the rates have gone up a bit for certain counties. Now as for me.. Our house was priced at $262,500, we offered $269,500 with a credit back for closing cost $6,500. FHA loan $249,000 with a California rural of $20,500 - 7.0% -- We had no idea-- the mortgage broker worked it... 0 down ended up getting $3,650. $1000 from down for property and $2250. credit back because closing was only $4250.00 yes, we were in shock because we went into this deal with $1,000. to hold the property. So we bought washer, dryer and frig (smile)
Edoggie, We got what you would call a 80 + 20 You could get a 80 + 10 + 10 or an 80 + 20 I think that's how it works. Any experts out there that can help out on this one?
