Posted on: 14th Nov, 2013 11:03 pm
Hi... I am a single mother and earn $57k a year. I have some student loans which I pay off on time and own a car which is paid off. My credit score is pretty decent - 742. How much down payment will I need to get a loan? How much mortgage will I be able to qualify for?
Hi Guest,
The credit score that you have will help you in qualifying for a conventional loan. In that case, you will require a down payment of 20%. You can contact the lenders and apply for a loan, they will let you know how much mortgage you will be able to qualify for.
Thanks.
Jerry
The credit score that you have will help you in qualifying for a conventional loan. In that case, you will require a down payment of 20%. You can contact the lenders and apply for a loan, they will let you know how much mortgage you will be able to qualify for.
Thanks.
Jerry
Hi Guest,
You can check out the given calculator in order to know how much mortgage you will be able to afford: http://www.mortgagefit.com/calculators/howmuch-afford.html .
Thanks
You can check out the given calculator in order to know how much mortgage you will be able to afford: http://www.mortgagefit.com/calculators/howmuch-afford.html .
Thanks
The credit score of 742 is very good.
Conventional loans require a minimum down paymnt of 5%
(I have no idea where Jerry gets his information from)
FHA loans require a minimum down paymnt of 3.5%.
USDA loans require no down payment, but, you and the property address must be eligible for the USDA loan.
VA loans require no downpayment. You need to be an eligible veteran.
No one can answer your question as to what mortgage amount you qualify for because we do not know the total monthly amount of payments on your credit report and the annual property taxes.
If property taxes were $4,000 annually and your monthly paymnts on the credit report are $300, you would qualify for a mortgage of about $220,000.
Conventional loans require a minimum down paymnt of 5%
(I have no idea where Jerry gets his information from)
FHA loans require a minimum down paymnt of 3.5%.
USDA loans require no down payment, but, you and the property address must be eligible for the USDA loan.
VA loans require no downpayment. You need to be an eligible veteran.
No one can answer your question as to what mortgage amount you qualify for because we do not know the total monthly amount of payments on your credit report and the annual property taxes.
If property taxes were $4,000 annually and your monthly paymnts on the credit report are $300, you would qualify for a mortgage of about $220,000.
