Posted on: 13th Oct, 2008 02:54 pm
Hi there
i am first time buyer in southern cal. and want to deposit up to 60k.
Fico 800.
annual income 37k
i got 50k in brokerage account,15k in retirement,80k in bank.
i am getting another 30-40k within a month.
1.Should i wait for 30-40k to arrive or it doesnt matter and i can apply now?
2.Can i get a mortgage with 10-15% down payment nowdays without ridiculously high interest rate ? If not i have to go for 200-300k house
which is fine with me
thanks very much
andre
i am first time buyer in southern cal. and want to deposit up to 60k.
Fico 800.
annual income 37k
i got 50k in brokerage account,15k in retirement,80k in bank.
i am getting another 30-40k within a month.
1.Should i wait for 30-40k to arrive or it doesnt matter and i can apply now?
2.Can i get a mortgage with 10-15% down payment nowdays without ridiculously high interest rate ? If not i have to go for 200-300k house
which is fine with me
thanks very much
andre
1. Apply now
2. You can, with 10-15% down.
Marty
[Email address and promotional text deleted as per forum rules. Thanks.]
2. You can, with 10-15% down.
Marty
[Email address and promotional text deleted as per forum rules. Thanks.]
you have no reason to wait, Blak. your credentials, as stated, are excellent, and will afford you a pretty easy qualification and processing once you find the home you wish to purchase.
that extra $30-40K you anticipate will likely arrive before your closing anyway, so there's no reason to wait.
that extra $30-40K you anticipate will likely arrive before your closing anyway, so there's no reason to wait.
Blak your credentials are strong your cash on hand is great your income is low for the amounts you mentioned?
How much do you want to buy/borrow?
On that income your debts will have to be zero and your mortgage with taxes and insurance less than 1600 a month?
That is going to be tough in SCa
Brian
How much do you want to buy/borrow?
On that income your debts will have to be zero and your mortgage with taxes and insurance less than 1600 a month?
That is going to be tough in SCa
Brian
