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Answers (18)
- David Nezri, "Direct Lender"
- Contributions:265
No Spamming......................??
- Scot King, "PacificWestCapital"
- Contributions:45
Beemboy...are you a first time buyer? If so how's your rental history for the last 12 months? Always on time? If so, can you document this? Housing pmt history is important. It's not just your credit score. Also, for FHA you can't have any derogs in the last 12 months. You'll need a LOE for any accounts that went sour.
- Justin Kennedy
- Contributions:692
Beemboy, as you can see alot of the poster said you could qualify without knowing the amount of your monthly payments, huge red flag!!! you will need to be pre-approved before you make offers or sometimes before a real estate agent will show property. Untill a qualified person reveiws your credit report, income, assets, executes an automated underwriting system, discusses your preferred neighborhood, if flood insurance is required and tax bases is higher. all they can do is guess.
- Timothy Sutherland, "SunTrust"
- Contributions:619
rates can be locked in when there is a property to lock in into. If you had a contract today then yes, you could get 4.75% at 0 points. Other than with lenders that tier price and the remote possibility your score falls into the next score bucket, there'd be no adverse effect in your credit being pulled a few times.
do you make $100k each or is that total for the both of you?
do you make $100k each or is that total for the both of you?
- beemboy1
- Contributions:3
Where I live/want to buy house is ( a decent, around 2200sqft, 10 years old house is 400k, when I look in to the new houses 1850 sqft it comes only 340k, I am confused whether go to new or old ( they have new houses in one mile range with same schools) could some one give me an idea new or old house?
About the loan... we both make 100k, but w2's are little less, having car payment of 750 and credit card payment of 500pm. now am I eligable for 4.75% loan? I thought of going to bank and ask for laon, also afraid that my credit scorre will be down. anyone............. please..
About the loan... we both make 100k, but w2's are little less, having car payment of 750 and credit card payment of 500pm. now am I eligable for 4.75% loan? I thought of going to bank and ask for laon, also afraid that my credit scorre will be down. anyone............. please..
- Texas Banker
- Contributions:517
Spam central on this post.
- Sin Yi Lambertson
- Contributions:59
You can call [content removed by moderator], ERA Mortgage. They have very fast & good service as well as rate & terms on loans. You sound like a good candidate for an FHA loan. The only question is whether you have the down payment & reserve required. I have a lot of repos from Freddiemac. When you are ready, contact me & I'll send you our inventory list. Best wishes to you.
Always There For you,
Sin-Yi Lambertson
Broker Associate
ERA Yes! R.E.
[deleted content due to self promotion]
Always There For you,
Sin-Yi Lambertson
Broker Associate
ERA Yes! R.E.
[deleted content due to self promotion]
- Russ Stack, "Happy Mortgage"
- Contributions:54
Based on what you have given us here is the way your loans plays out:
Assumptions: RE Taxes $5000 or $416.67 Homeowners $800 or $66.67/mo. MI = $183/mo ,Income = $100k or $8333/mo, Car loan pmt = $450/mo credit card payments of 2% = $320/mo SO..
Estimated payment: $2850.00 + $450+$320 / 8333= 43.3% ratio
Down Payment= $14000.00
Est Closing Costs=$6000.00
Prepaid taxes and Insurance= $4000.00
Total estimated $ at closing: $24000.00
So good credit, ratios are fine, Need $24000 verifiied at closing. Everything looks A ok! Good luck!!!
Assumptions: RE Taxes $5000 or $416.67 Homeowners $800 or $66.67/mo. MI = $183/mo ,Income = $100k or $8333/mo, Car loan pmt = $450/mo credit card payments of 2% = $320/mo SO..
Estimated payment: $2850.00 + $450+$320 / 8333= 43.3% ratio
Down Payment= $14000.00
Est Closing Costs=$6000.00
Prepaid taxes and Insurance= $4000.00
Total estimated $ at closing: $24000.00
So good credit, ratios are fine, Need $24000 verifiied at closing. Everything looks A ok! Good luck!!!
- Scott Dovala, "sdov"
- Contributions:13
Beemboy,
From the information you have supplied, yes you seem qualified for either an FHA or in fact a conventional loan. You will want to get pre-qualified first, but make sure you do not have your credit report pulled over and over.The more times pulled the more your score will go down, and it will also be a red flag to the underwriters requiring a Letter of Explanation why your credit was pulled so many times..
From the information you have supplied, yes you seem qualified for either an FHA or in fact a conventional loan. You will want to get pre-qualified first, but make sure you do not have your credit report pulled over and over.The more times pulled the more your score will go down, and it will also be a red flag to the underwriters requiring a Letter of Explanation why your credit was pulled so many times..
- Nic Netherton, "Colorado Lender"
- Contributions:7219
No spamming Johnny boy.
- John Lawson, "Jalawson07"
- Contributions:1
Yes you are eligible for FHA. give me a call and I would be happy to go over the details and take your application. Bank of America Home Loans. 925 208.2462. John
- Justin Kennedy
- Contributions:692
keep in mind some areas of Sacramento have a property taxes of 1.5% - 1.60% due to levys. if you have a loan officer qoutes you a total monthly payment on a certian property make sure they due thier research. if not your impound account will be short come November and your monthly payment could increase by $60-100 per month.
- Robin Armstrong, "Robin Armstrong"
- Contributions:152
You should be fine. Submit a quote request on Zillow and get started!
- Yuval Degani, "Dream Town Realty"
- Contributions:67
from the sounds of it yes you would qualify... Depending on the type of property you are looking to buy you may qualify for a conventional... talk to a mortgage broker and weigh your options. For FHA you sound A OK.
- Justin Kennedy
- Contributions:692
beemboy,
it is best to have all your financing in order before you begin shopping for a home; if you have lenders execute multipul credit reports, those inquiries will effect you credit score little by little.
it is best to have all your financing in order before you begin shopping for a home; if you have lenders execute multipul credit reports, those inquiries will effect you credit score little by little.
- Michael Mullin, "WA and CA FHA Expert"
- Contributions:369
You might qualify given the information provided beemboy. Problem is there are many other factors that may positively or negatively impact the answer. Are you commission or salary? How long have you been on the current job? How high is your car payment?
Here's more information on FHA loans.
Yes, you should apply for a full loan pre approval and it will only effect your credit score in a small way. The benefits of knowing what you can qualify for and what your payments and cash out of pocket will be outweighs any potential decrease by a couple of points in your credit score.
Good news is your credit score far exceeds the point at which FHA lenders start adding on extra fees for having a low score.
Here's more information on FHA loans.
Yes, you should apply for a full loan pre approval and it will only effect your credit score in a small way. The benefits of knowing what you can qualify for and what your payments and cash out of pocket will be outweighs any potential decrease by a couple of points in your credit score.
Good news is your credit score far exceeds the point at which FHA lenders start adding on extra fees for having a low score.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Yes that will work.
- beemboy1
- Contributions:3
I forgot to add this in my last post... I can put 20k as down payment.
Am I eligable for FHA loan
If I go to bank and ask for loan pre approval, will this affect my credit ratings?
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