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First Time Buyer

I have been shopping around for a loan. I qualify for 360k but I am looking to qualify for 420k with HOA's of $650. Not sure how, I can make this happen. I have $20k. To put down. Do not have a co-signer. I am a teacher. Hoping there are extra programs out there for us. NEED HELP & EXPERT to make this happen for me.
  • July 03 2013 - Los Angeles
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Answers (6)

With FHA, I have seen ratios in the 56-57% range (going that high may not be the best thing BTW) and for conventional your limited to about 45% in most cases.  Depending on your current debts, you may be able to put less down and pay down some debt in order to decrease your debt ratio and qualify for more.

Feel free to reach out with any other questions or concerns.
  • July 03 2013
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Tross* - it also comes down to max ratios that a bank can lend to.  For example, if the bank you went with offered only up to standard ratios of 31/43, that could be why you weren't able to go higher.  In addition, as the gentleman said below, there are multiple programs out there with reduced MI/Rate/Down Payments.  We allowed expanded ratios, depending on the whole credit profile and other characteristics of the loan.  I wish you the best with your search [content removed by Zillow moderator due to self-promotion. Please refer to our Good Neighbor Policy for more information.]
  • July 03 2013
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Tross8--

Steve is exactly right here. FHA's "Good Neighbor Next Door" program is the loan that in my opinion would suit you best. I posted a link below that will give you all the information that you need on this loan and if you have any other questions [content removed by Zillow moderator due to self-promotion. Please refer to our Good Neighbor Policy for more information.]

Best of luck!

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot
  • July 03 2013
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Ask your loan agent to see what your ratios look like by buying a lower rate.
  • July 03 2013
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Have you researched FHA's "Good Neighbor Next Door"?   Although I think it is home based (meaning that only certain homes are eligible); it is an excellent option for K-12 teachers with a limited down-payment budget.

  • July 03 2013
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Have you considered an ARM?  With rates dropping, that should also increase your purchasing power.

I am pretty good at this ---  You are close to your target and I could probably close that gap.  [Content removed by Zillow moderator due to spam and self-promotion. Please refer to our Good Neighbor Policy for more information.]

  • July 03 2013
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