Posted on: 28th Oct, 2009 11:21 am
My question is ...i know i will be qualified for mortage amount which equal three time of my income, but will loan officer consider my savings into account.
Example:
my income is 80k, and my saving are also 80k ( i am planning to take FHA loan so will make 20% down payment)
how much i will be qualified( roughly) will it be 240K + 80k orelse loan officer will not consider my saving amount?
Note: my credit score is around 775 average for all 3 bureaus, i am always in good standing( recently came that it does not matter of your credit score if is greater than 630, i am sure how much truth in it)
Example:
my income is 80k, and my saving are also 80k ( i am planning to take FHA loan so will make 20% down payment)
how much i will be qualified( roughly) will it be 240K + 80k orelse loan officer will not consider my saving amount?
Note: my credit score is around 775 average for all 3 bureaus, i am always in good standing( recently came that it does not matter of your credit score if is greater than 630, i am sure how much truth in it)
Depending on your monthly debt obligations, you may be approved for a higher amount. There is a Program that will allow for up to a 60% debt to income ratio which may put you above the $240k amount. There is also a split Mortgage Insurance Product for this program which will allow for a high approval amount reducing your monthly Mortgage Insurance Payment. This all will depend on the area in which you are looking. I hope this helps...
Sorry for my post, what i meant was, i do not want to pay 20% of mortgage.
I am planning some other conventional investment so i am planning only 3% fha mortgage. What i heard from one of my friend is, mortgage also depends upon the cash reserves i got.
I am planning some other conventional investment so i am planning only 3% fha mortgage. What i heard from one of my friend is, mortgage also depends upon the cash reserves i got.
