Posted on: 02nd Nov, 2010 02:46 pm
Home worth: 385,000
Down Payment: 5%
Credit Score: 760
Annual Gross: 96K + 10% Bonus(Not a fixed one)
Loan Payment(Car): 400
Household: Student Wife(will get employed in 2 years), 2 Kids(8 & 6)
Will i get a loan with 5% down or should i be increasing the down payment to 10%.
What do lenders look at when they approve loans?
What should i need to watch for when applying for loans.
Thanks in advance for your reply.
Down Payment: 5%
Credit Score: 760
Annual Gross: 96K + 10% Bonus(Not a fixed one)
Loan Payment(Car): 400
Household: Student Wife(will get employed in 2 years), 2 Kids(8 & 6)
Will i get a loan with 5% down or should i be increasing the down payment to 10%.
What do lenders look at when they approve loans?
What should i need to watch for when applying for loans.
Thanks in advance for your reply.
Do you think the interest rates are going to go down further?
Does it make sense to add the closing costs to loan? Will the lender even do it?
Hi babloo,
You will be able to get a FHA loan with a 5% down payment. If you want a conventional mortgage, you'll require a down payment of 20%. The lenders will look into your credit score, income, debt to income ratio, etc. when they consider you for a loan approval. The lenders will also check your employment history for the last 2 years. You should watch out for the rate and term of the loan. Unless it's affordable for you, it's better to not go for the loan.
Thanks
You will be able to get a FHA loan with a 5% down payment. If you want a conventional mortgage, you'll require a down payment of 20%. The lenders will look into your credit score, income, debt to income ratio, etc. when they consider you for a loan approval. The lenders will also check your employment history for the last 2 years. You should watch out for the rate and term of the loan. Unless it's affordable for you, it's better to not go for the loan.
Thanks
Thank you James.
I will not be able to go for FHA loans. I believe the max FHA for Hillsborough County(FL) is 285,000. Unless there is a way that i dont know of.
Can you please let me know if i'm wrong.
Thanks Again
I will not be able to go for FHA loans. I believe the max FHA for Hillsborough County(FL) is 285,000. Unless there is a way that i dont know of.
Can you please let me know if i'm wrong.
Thanks Again
Welcome babloo,
The maximum FHA loan limits for Hillsborough County(FL) are as follows:
The maximum FHA loan limits for Hillsborough County(FL) are as follows:
- $292,500 – Single Family
$374,450 – Duplex
$452,600 – Triplex
$562,500 – Four plex