Posted on: 02nd Aug, 2010 10:16 pm
Hello I want to buy a house and 5 acres of flat land its $115,000 list. I can come up with a down payment don't have any credit card debt and one car payment. I make $85,000 a year plus a business that I make money on here and there. My fiancé is a RN & makes $40,000 a year and I've had the same job for 3 years. Give me some answers and Ideas please. I think I can afford it even if I don't get the best rate. Please suggest a good website of bank or anything.
Thanks!!!
Thanks!!!
With the credit scores that you've mentioned, you would be able to qualify for a FHA loan. You should contact the local FHA lenders in order to get a mortgage. They will judge your financial situation and let you know whether or not you would be able to get approved for a mortgage.
This community has a number of mortgage lenders. You can seek a no obligation free mortgage quote from these community ranked lenders. This will give you a fair idea as to what type of rates and terms you may qualify for.
This community has a number of mortgage lenders. You can seek a no obligation free mortgage quote from these community ranked lenders. This will give you a fair idea as to what type of rates and terms you may qualify for.
Michael -
From the three scores you mentioned, 637 a 661 and a 668. The middle score (661) would be used as your qualifing credit score. The minimum FHA fico score requirement is 640, whch you qualify for with a middle score of 661.
Secondly, with an FHA loan, depending on the loan to value (80% or higher of the purchase price) you borrow, you will be required to pay Private Mortgage Insurance (PMI, you may also want to speak with your homeowenrs insurance agent and ask for a quote on property that size, as well as get an estimate of property tax. All of these charges are important to have so that you can have a clear picture of what your monthly payments will be.
Lastly, based on your income and credit scores you have listed, I believe that you are positioned well to make the purchase and obtain a decent low rate. If you have any additional questions, I can clear up, please let me know.
From the three scores you mentioned, 637 a 661 and a 668. The middle score (661) would be used as your qualifing credit score. The minimum FHA fico score requirement is 640, whch you qualify for with a middle score of 661.
Secondly, with an FHA loan, depending on the loan to value (80% or higher of the purchase price) you borrow, you will be required to pay Private Mortgage Insurance (PMI, you may also want to speak with your homeowenrs insurance agent and ask for a quote on property that size, as well as get an estimate of property tax. All of these charges are important to have so that you can have a clear picture of what your monthly payments will be.
Lastly, based on your income and credit scores you have listed, I believe that you are positioned well to make the purchase and obtain a decent low rate. If you have any additional questions, I can clear up, please let me know.
I have made it a habit to suggest that prospective borrowers seek the advice of family and friends, business associates, etc. in order to determine who best to speak with concerning a new mortgage.
"A good website of bank or anything" isn't going to do you any good if you find they're inattentive to your needs, unable to follow up with you, or even hold your hand when you need it. Someone you can sit down with and get to know is usually going to do a better job for you.
"A good website of bank or anything" isn't going to do you any good if you find they're inattentive to your needs, unable to follow up with you, or even hold your hand when you need it. Someone you can sit down with and get to know is usually going to do a better job for you.
