Posted on: 17th Sep, 2008 07:00 pm
Purchase
3-3.5% down
727 FICO. No judgements, bankruptcy, foreclosure, collections, liens, etc.
24k income + 6000 child support
Almost 6 years at current job.
4k auto loan 155/month payment. 4k cc balance out of 165k available limits that I can pay off if needed. No other debts.
5 years solid rental history paying $1200/month.
16k cash in the bank.
Looking at a 30 year fixed FHA 3-3.5% down on 130k mortgage or less. Also wondering if I wanted to buy out of the area, would there be any differences? Would I need to secure a job in the new area before I could get a loan?
If I can get a mortgage, what would the process be and about how long would it take start to finish?
3-3.5% down
727 FICO. No judgements, bankruptcy, foreclosure, collections, liens, etc.
24k income + 6000 child support
Almost 6 years at current job.
4k auto loan 155/month payment. 4k cc balance out of 165k available limits that I can pay off if needed. No other debts.
5 years solid rental history paying $1200/month.
16k cash in the bank.
Looking at a 30 year fixed FHA 3-3.5% down on 130k mortgage or less. Also wondering if I wanted to buy out of the area, would there be any differences? Would I need to secure a job in the new area before I could get a loan?
If I can get a mortgage, what would the process be and about how long would it take start to finish?
Hi Guest,
Welcome to forums.
I must say you have a good FICO score indeed. Moreover, the fact that you don't have negative items like judgments, bankruptcy, foreclosure, etc on your credit report will help you get a favorable loan offer, be it an FHA loan or a conventional mortgage.
Your income is good enough and along with it, the rental payment history will also help you to qualify for a suitable loan offer.
The rates on 30 year mortgages are currently at 5.9%-6%. So, hopefully you can qualify for it and at the same time, your payments will be manageable, considering your income and liabilities. Did you calculate your debt to income ratio? You can do so using the DTI Calculator.
What I suggest is, you can request for a no-obligation free mortgage quote from the lenders in this community. The lenders will analyze your situation and based on your income, credit and liabilities, they'll offer you free quotes to choose from. You can then discuss the offers here in the forum, so that you'll get some more opinions on which program to opt for.
Thanks
Welcome to forums.
I must say you have a good FICO score indeed. Moreover, the fact that you don't have negative items like judgments, bankruptcy, foreclosure, etc on your credit report will help you get a favorable loan offer, be it an FHA loan or a conventional mortgage.
Your income is good enough and along with it, the rental payment history will also help you to qualify for a suitable loan offer.
The rates on 30 year mortgages are currently at 5.9%-6%. So, hopefully you can qualify for it and at the same time, your payments will be manageable, considering your income and liabilities. Did you calculate your debt to income ratio? You can do so using the DTI Calculator.
What I suggest is, you can request for a no-obligation free mortgage quote from the lenders in this community. The lenders will analyze your situation and based on your income, credit and liabilities, they'll offer you free quotes to choose from. You can then discuss the offers here in the forum, so that you'll get some more opinions on which program to opt for.
Thanks
guest, based on your statements, it is logical for me to tell you that it would appear likely you'll qualify for the loan you are seeking.
the only way to tell for sure, of course, is to contact a lender and apply for a loan. you can usually apply for the loan you think you'd like prior to actually finding a home, so that is, frankly, a good way to go.
the only way to tell for sure, of course, is to contact a lender and apply for a loan. you can usually apply for the loan you think you'd like prior to actually finding a home, so that is, frankly, a good way to go.
If I want to buy out of the area while I'm still at my current job, do I need a job offer in hand in the new area to get a loan?
yes and no.
yes, in that your job offer will convince a lender that your income will be sufficient for the purchase you intend to make. no, in that you'd be required to be employed within a short period after your loan closes. if your job begins before you actually make the purchase, that's better.
one thing to keep in mind...the offer itself won't be sufficient, but an accepted offer will.
yes, in that your job offer will convince a lender that your income will be sufficient for the purchase you intend to make. no, in that you'd be required to be employed within a short period after your loan closes. if your job begins before you actually make the purchase, that's better.
one thing to keep in mind...the offer itself won't be sufficient, but an accepted offer will.
please ignore marty. he is a dirty player - soliciting business here is 100% contrary to the guidelines of this website. he knows that, refuses to live up to the rules and guidelines and obviously flaunts his disobedient spirit.
if how he acts on this website is any indication of how he does business, i would be terrified to deliver any information whatsoever to him. dirty dealing is dirty dealing - i would trust him about as much as i would trust osama bin laden.
if how he acts on this website is any indication of how he does business, i would be terrified to deliver any information whatsoever to him. dirty dealing is dirty dealing - i would trust him about as much as i would trust osama bin laden.
I understand. So can anyone tell me this - If I want to buy out of the area while I'm still at my current job, do I need a job offer in hand in the new area to get a loan?
I am new to this stuff for the most part but I'm getting tired of throwing 1200/month away on rent. Even though my income is rather low, I've handled this amount easily. I live very frugal otherwise and have cash reserves. I'm exploring my options but would like to make a move ASAP while rates and prices are attractive.
I am new to this stuff for the most part but I'm getting tired of throwing 1200/month away on rent. Even though my income is rather low, I've handled this amount easily. I live very frugal otherwise and have cash reserves. I'm exploring my options but would like to make a move ASAP while rates and prices are attractive.
I did the DTI calculation. Using a $750 mortgage payment, my DTI would be 38%.
Hi Guest!
Welcome to MortgageFit Forums!
Once that you have done a DTI calculation, you need to contact a mortgage broker or a lender who will tell you the process of getting loans. You can even contact the lenders of our community. Go through the following link:
http://www.mortgagefit.com/unitedstates/
Hope this will help you.
Thanks,
Jerry
Welcome to MortgageFit Forums!
Once that you have done a DTI calculation, you need to contact a mortgage broker or a lender who will tell you the process of getting loans. You can even contact the lenders of our community. Go through the following link:
http://www.mortgagefit.com/unitedstates/
Hope this will help you.
Thanks,
Jerry