Posted on: 27th Feb, 2009 08:49 am
Hello,
let me explain my credit situation:
I have a good FICO score (800's) but, It's hard to me prove my real income. The income that I can prove is 20,000 year.
My wife has a clean low score credit (below 700's), she can prove a 35,000 income year.
We don't have any car loans or another kind of payments like credit cards etc...
We have about US$25K-30K for a down payment
I'm just starting to shopping around for loan and would like to know what's the requirements and if I have a profile to get a loan approval.
Based in the above information does we got chance to get a loan and which amount? We are looking for a propriety around US$150K-165K.
Thanks,
let me explain my credit situation:
I have a good FICO score (800's) but, It's hard to me prove my real income. The income that I can prove is 20,000 year.
My wife has a clean low score credit (below 700's), she can prove a 35,000 income year.
We don't have any car loans or another kind of payments like credit cards etc...
We have about US$25K-30K for a down payment
I'm just starting to shopping around for loan and would like to know what's the requirements and if I have a profile to get a loan approval.
Based in the above information does we got chance to get a loan and which amount? We are looking for a propriety around US$150K-165K.
Thanks,
If you do an FHA loan you will only need to put down 3.5% of the purchase price. On a $165K loan that is $5775.
With no other payments I have your debt to income ratio at roughly 25% which is great. That is included my estimated taxes, insurance, and FHA mortgage insurance.
It appears you will have no trouble qualifying for an FHA loan with the information your provided. Interest rates lately are in the low 5% range at par.
With no other payments I have your debt to income ratio at roughly 25% which is great. That is included my estimated taxes, insurance, and FHA mortgage insurance.
It appears you will have no trouble qualifying for an FHA loan with the information your provided. Interest rates lately are in the low 5% range at par.
That is correct with those numbers you should have no problem with getting a loan and at a good rate.
don't be a parrot, matt.
