Posted on: 27th Mar, 2010 09:58 am
How much I can borrow and how much down payment I need to muster. I've been browsing the real estate section, looking for your next home. Chances are, no matter where I live or what I'm looking for, I am worried about home prices and whether or not I can really afford to move.
Hi Guest,
How much you can borrow to purchase the home depends on several factors like your income, your credit scores, obligation towards your other debts, etc. The amount of down payment required will vary from one lender to another. If you are looking for an FHA loan, you can make a down payment of 3.5% of the purchase price. However, there's a How Much Mortgage Can I Afford calculator in this site which can help you find how much you can afford to borrow to purchase the home.
How much you can borrow to purchase the home depends on several factors like your income, your credit scores, obligation towards your other debts, etc. The amount of down payment required will vary from one lender to another. If you are looking for an FHA loan, you can make a down payment of 3.5% of the purchase price. However, there's a How Much Mortgage Can I Afford calculator in this site which can help you find how much you can afford to borrow to purchase the home.
Hi,
If you are applying for any loan the lender will look into various factors like your credit score,income,whether you have any other loan, whether you are current on all your loans. But it is absolutely up to the lender to decide what would be your down payment and what would be the interest. However you can negotiate with the lenders on the interest rate. The best option would to do a market research then go for it.
If you are applying for any loan the lender will look into various factors like your credit score,income,whether you have any other loan, whether you are current on all your loans. But it is absolutely up to the lender to decide what would be your down payment and what would be the interest. However you can negotiate with the lenders on the interest rate. The best option would to do a market research then go for it.
We would need more info to give you an answer.
