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House Buying Question?
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[QUOTE]Originally posted by Avengeance: [QB] [QUOTE]Originally posted by RixSikCobra: [qb] With a credit score of 660-700, you're gonna qualify for a loan, no problem...even with your car/crdit card debt. :patriot: [/qb][/QUOTE]Yeah but everyone is missing the important details here... down payment and loan amount. He could have a 800 score but his debt-to-income ratio mixed with loan amount may not mesh. Lenders arent dumb and wont close their eyes to these things. Lets use 350,000 with 100% loan, thats if theres no DP, at 5.625% (which seems to be the good rate right now) his mortgage would be over $2000/mo, and thats not including taxes/insurance/and possible assesments on the house. Theres a lot more to the equation then just having a good credit score. I actually feel really bad for people trying to buy their first homes in this market... its damn near impossible. I wish this dude good luck. [/QB][/QUOTE]
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