Posted on: 31st Mar, 2010 02:45 pm
We are trying to buy our first home in Austin. We currently live in Houston but plan in the very near future to move to Austin my question is why cant we get preapproved using my husbands current job in Houston? He has excellent credit and money in the bank but no one will approve us... Husband credit score is 792. We have over 35k in bank the lenders are telling us that we cant use his current job because it is in Houston and we are looking to buy in austin. he will be starting his own practice within the year but we want to buy now. we have talked to 3 different lenders this is such a shock to us that we cant find anyone that will help
I may be able to help. What is the purchase price of the new home? how much are you prepared to put down?
we have not found a home yet, trying to get financing in order first. we are looking in the range of 250-275k with 5-10% down. please let me know if there is anything you can do for us or point us in the right direction.
Hi Teressa!
Welcome to forums!
If you are planning to get a conventional loan, then you'll have to give a down payment of 20%. If you do not offer the required down payment, you'll have to go for private mortgage insurance. However, if you want a FHA loan, then you will be able to get it at a 5% down payment.
Sussane
Welcome to forums!
If you are planning to get a conventional loan, then you'll have to give a down payment of 20%. If you do not offer the required down payment, you'll have to go for private mortgage insurance. However, if you want a FHA loan, then you will be able to get it at a 5% down payment.
Sussane