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Answers (5)
- Sean Cochran, "scochran1"
- Contributions:119
N7. I would suggest that you have the 3.5% to put down yourself. I have not heard of anyone, personally, that has done that yet. From what I understand, the kinks are still being ironed out on actually using it as a down payment.
As far as your debt ratio is concerned, just do this.
Take your gross monthly income. write it down.
Now take the monthly payment for all of the debts that appear on your credit report. write it down
Divide the debt by the income. This is your Debt Ratio. Simple. Good luck with it and congrats! Give me a call if you have any questions.
[self-promotional post, removed by moderator]
As far as your debt ratio is concerned, just do this.
Take your gross monthly income. write it down.
Now take the monthly payment for all of the debts that appear on your credit report. write it down
Divide the debt by the income. This is your Debt Ratio. Simple. Good luck with it and congrats! Give me a call if you have any questions.
[self-promotional post, removed by moderator]
- N7zHH74
- Contributions:8
Thanks for the help!
I have regained hope lol.
I have regained hope lol.
- Nike Fasanya, "Nike knows mortgages"
- Contributions:52
Hi,
First of all, ignore the angry people. Ignorance often presents itself as anger..shame on them.
1. You don't need to add in the cell phone payment, just the student loan, for your debt ratio.
2. You can't use the $8k towards down payment, only for closing costs
3. You can get a gift of 3.5% of the purchase price for an FHA loan down payment (maybe the parents?)
[content removed by moderator for being self-promotional]
Your first home..you must be so proud...
Nike Fasanya, CMC
President
First of all, ignore the angry people. Ignorance often presents itself as anger..shame on them.
1. You don't need to add in the cell phone payment, just the student loan, for your debt ratio.
2. You can't use the $8k towards down payment, only for closing costs
3. You can get a gift of 3.5% of the purchase price for an FHA loan down payment (maybe the parents?)
[content removed by moderator for being self-promotional]
Your first home..you must be so proud...
Nike Fasanya, CMC
President
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
I think you have enough income to qualify for an FHA loan. The key will be to make sure the condo complex is FHA approved.
Your strong credit should allow you to qualify at higher debt ratios.
On a 75,000 loan with estimate of 150 in HOA dues, you should have no problem staying at your $800 comfort zone.
I suggest you try calling John Paunan. He is Top Lender on Zillow and he can help pre-qualify or pre-approve you.
Your strong credit should allow you to qualify at higher debt ratios.
On a 75,000 loan with estimate of 150 in HOA dues, you should have no problem staying at your $800 comfort zone.
I suggest you try calling John Paunan. He is Top Lender on Zillow and he can help pre-qualify or pre-approve you.
- Eric Patterson, "Eric Patterson"
- Contributions:27
Your best chance of getting an exact answer for your Debt to Income ratios is to sit down with a mortgage professional so they can go over your credit report and income statements.
Can this work out? Great score, little debt, low income.
Hello.
Well, it goes like this. Parents are giving me the boot (getting a bit old to stay(only 24)). So the choice, of course, it to buy or rent.
I personally would like to purchase a cheap condo (60-80k) but I am quite paranoid about it. I am afraid I won't get the funding for it. Rent in the area is about what I would pay for a mortgage (minus utilities) or more.
My credit scores are pretty awesome, all 3 above 760 (one is 780). I have no cc debt but I have 25k in student loans (150 a month) and of course cell phone bill (50 a month). And I have little for down payment (3.5% of up to 80k in mortgage) with plans to put down the 8K tax credit as down payment, if needed. I also don't take home very much =( 2240 monthly (before taxes) or $14 an hour...
I personally feel comfortable with a mortgage (+association fees) of about 800 a month. But the numbers don't work in my favor. The Debt-to-Income ratio isn't looking too great for me... Using Zillow's calc, I get 56k for 28/36, 74k for 33/40 and 96k for 36/45. Mortgage calculators show me all types of numbers (from 57 to 87). I just don't know.
In the past, when I have asked in various forums, I was usually met with anger. Hopefully this place is full of happy people =)
P.S. Sorry for the lengthy question.
Thanks in advance!
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