|
Author
|
Topic: anyone deal with mortgage loans?
|
nineteen90coupe
¯
Member # 8034
|
posted
 
 
I wanted to know realistically if i could afford a home. my credit score is around 700. my gross annual is 50,000.been at my job for around 8 years. I have around 14,000 in debt.my payments that i know i could make is $ 1,300.00 month.$1,700.00 if i have a roomate.I don't have very much for a down payment.only $1000.00 .I don't know what lenders factor in in order to approve a loan. i guess im kinda afraid to find out. to me it doesn't look to well.I am trying to find a 2nd job in the meantime maybe that would look better in order to be approved.
Any help would be appriciated!!
--------------------
1990 lx coupe
Posts: 200 | From: bay area | Registered: Nov 2007
| :
|
|
5.t0es
¯
Member # 5864
|
posted
fha: not a pro dont listen to what i say but they usually want 3.5 percent down...2yrs w2s...1month paystubs....and a good debt to income ratio...
disclaimer dont listen to me i have no knowledge of real estate ![[patriot]](graemlins/patriot.gif)
Posts: 2990 | From: eb | Registered: Jul 2005
| :
|
|
Venomized93
Founding Member
Member # 55
|
posted
You can get great advice at Creditboards.com in the (Mortgage Forum). Good luck!
--------------------
2018 Tesla Model 3 Performance
Posts: 2077 | From: San Francisco, California | Registered: Oct 2000
| :
|
|
Yaterstang
¯
Member # 7659
|
posted
quote:
Originally posted by nineteen90coupe:
I wanted to know realistically if i could afford a home. my credit score is around 700. my gross annual is 50,000.been at my job for around 8 years. I have around 14,000 in debt.my payments that i know i could make is $ 1,300.00 month.$1,700.00 if i have a roomate.I don't have very much for a down payment.only $1000.00 .I don't know what lenders factor in in order to approve a loan. i guess im kinda afraid to find out. to me it doesn't look to well.I am trying to find a 2nd job in the meantime maybe that would look better in order to be approved.
Any help would be appriciated!!
You'll need at least 3.5% down, which you can get that money from a number of places. Based on 50K a year or 4167 a month income, you'd have to take your other liabilities, car payments, credit cards any other liabilites and deduct that from 1875, and that is how much of a payment including taxes and insurance you can qualify for. BTW 1875 is 45% debt to your 4167 income.
You also need 2 years in the current field your working in.
If you want to know how much you can afford you can send me a pm or call me, i work for a bank not a broker.
Posts: 2968 | From: Natomas | Registered: May 2007
| :
|
|
92stangLX
¯
Member # 3252
|
posted
Best way to find out is to go to your bank and try to get pre-approved.
What size loan are you looking to get?
Posts: 5302 | From: San Francisco | Registered: Sep 2003
| :
|
|
nineteen90coupe
¯
Member # 8034
|
posted
i would like to get something for at least 180k.
i found a lender. gonna see what happens.(fingers crossed) thanks for the input guys. cafords/you guys never let me down. thanks...
--------------------
1990 lx coupe
Posts: 200 | From: bay area | Registered: Nov 2007
| :
|
|
Email this post to someone!
Printer friendly view of this Ford topic
