Posted on: 09th Dec, 2009 09:05 am
Hi All..here are the details :)
Combined income: 5120/month
Total Debt (both): 1240 (incl credit cards, cars, installment)
Credit Score: one has 700-725, other has 685-700
Both have no bad credit and both have previous mortgage payment history (one has 9 yrs and one has 3 yrs)..both are paid off
Looking to purchase in the $115-125k range (before down pymt), property taxes on both houses we have looked at are $900/yr and H/O Ins would be roughly $400/yr. We are in a small area outside Raleigh, NC so our taxes arent going to kill us :).
One borrower will have $10,000 in savings
Do we have a chance at a mortgage?. I know everything has gotten tighter in the lending field.
Combined income: 5120/month
Total Debt (both): 1240 (incl credit cards, cars, installment)
Credit Score: one has 700-725, other has 685-700
Both have no bad credit and both have previous mortgage payment history (one has 9 yrs and one has 3 yrs)..both are paid off
Looking to purchase in the $115-125k range (before down pymt), property taxes on both houses we have looked at are $900/yr and H/O Ins would be roughly $400/yr. We are in a small area outside Raleigh, NC so our taxes arent going to kill us :).
One borrower will have $10,000 in savings
Do we have a chance at a mortgage?. I know everything has gotten tighter in the lending field.
Hi bolotrail,
Both of you have very good credit scores. You can even apply for a conventional loan with a credit score of around 700. There are no negative items on your credit and you have made payments towards the previous mortgage on time. Your credit should not be a problem for you at all. Your monthly combined income is $5120 and the total payment towards all debt obligations is $1240. So, the back end debt-to-income (DTI) ratio is about 24% which is not high at all. However, you will be required to make some amount of down payment for the loan.
Your have a good chance to get qualified for a mortgage loan. Have you contacted any lender? You should shop around to choose a mortgage product that best serves your purpose and requirements. Besides contacting the local lenders, you can seek a no obligation free mortgage quote from community lenders. If your credit, income, etc. meet the eligibility requirements, they will offer you free mortgage quotes. You can then compare the various mortgage quotes and take an informed decision.
Thanks,
Jerry
Both of you have very good credit scores. You can even apply for a conventional loan with a credit score of around 700. There are no negative items on your credit and you have made payments towards the previous mortgage on time. Your credit should not be a problem for you at all. Your monthly combined income is $5120 and the total payment towards all debt obligations is $1240. So, the back end debt-to-income (DTI) ratio is about 24% which is not high at all. However, you will be required to make some amount of down payment for the loan.
Your have a good chance to get qualified for a mortgage loan. Have you contacted any lender? You should shop around to choose a mortgage product that best serves your purpose and requirements. Besides contacting the local lenders, you can seek a no obligation free mortgage quote from community lenders. If your credit, income, etc. meet the eligibility requirements, they will offer you free mortgage quotes. You can then compare the various mortgage quotes and take an informed decision.
Thanks,
Jerry
bolotrail, your qualifications seem to be stellar. it would make sense for you to contact a lender now to determine just how qualified you are, of course. as jerry noted, you can get a quote from one of us here or you can seek information from the plethora of lenders who are sitting waiting on you in the raleigh area.
Bolo, sounds like you'll have little trouble. One thing I would suggest is that you make max use of your situation to make sure you get the best deal you can. not too many people have everything a lender is looking for in the current climate, so if you do - use it to your advantage!
Get quotes from multiple providers and get all the advantages you can. You can get free online quotes from your lenders in your area near instantly these days.
Get quotes from multiple providers and get all the advantages you can. You can get free online quotes from your lenders in your area near instantly these days.
i have to suggest that people not go out gathering quotes from a variety of lenders. there are not substantive differences in rates, for the most part. although you will find minimal differences from here to there, rate-shopping isn't going to provide you with any better service than simply finding a reliable loan officer whose rates are competitive.
when you rate shop, you make it nigh impossible for the next guy you call to meet what you've been quoted. remember, anyone can play that game when all you're asked is "what's today's rate?"
when you rate shop, you make it nigh impossible for the next guy you call to meet what you've been quoted. remember, anyone can play that game when all you're asked is "what's today's rate?"