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How much mortgage can we get?

I would like to try to get a FHA loan and put 5% down OR IDEALLY attempt to get a traditional loan with 10% down. Will we get approved for either and if so, for how much? my income-30k (more in cash), 686 fico (will be over 700 by the time we buy in october, i just opened some new accounts and it dropped), 1k in cc debt, no other loans or debt. steady work history at same job for over 5 yrs. Fiances income-33k(more in cash), 582 fico (we are working on it), $4,700 in student loans w/ $75 a month payment, same job for 10 plus yrs.
  • May 08 2012 - Atlantic City
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Answers (6)

Best Answer

You have to consider the taxes you may be paying on your home and also PMI, private mortgage insurance which can be expensive.  If you can go conventional, you are so much better than FHA.  FHA has gotten very expensive.  What are the annual taxes like in the area you are looking.  I would need that to give you a good number.
Alice Campbell

  • May 08 2012
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I am estimating for the condo approx 220,000 for the purchase price, plus 500.00 in taxes, 35.00 in homeowners insurance, PMI and your condo fee.  Condo's will always have the fee and it has to be included in the equation.  You can spend more if you get a house but not sure what is out there for you.  You could go up to approx 250,000 for a home without the condo fee add on. 
Put your fiance' as a second card holder on 2 of your credit cards.  Use them once a month and then pay the balance off the cards every month.  this will improve your score and her score since the cards will be listed on her credit report.  At the same time clean up any mess she has or call a company that will fix credit.  I can give you the name and number of someone if you don't know one.  When you get the Sept bills for the credit cards you opened up, pay them off right away and keep the canceled checks as receipt so you can prove they were paid even though they might show a balance on her credit report. Usuallly if you apply for one credit card at a time, your score goes up. Maybe your's went down because you opened up more than one. Credit is tricky. U have enough time to get this all together but if you can go conventional, you are better off than FHA. FHA private mortgage insurance is very high these days. They justs raised it in April.
  • May 08 2012
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the taxes will be 5k-6k but there is one condo we like and the condo fees are 400$ a month. We are looking at houses and condos.
  • May 08 2012
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the taxes will be 5k-6k in atlantic city or ventnor city where we are looking
  • May 08 2012
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Opening new accounts will drop your credit score everytime. Your income, job, and job history have nothing to do with your credit. I believe credit scores have to be over 620 to qualify for a mortgage
  • May 08 2012
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I suggest that you talk to a loan officer at two local banks to determine what your options are.
  • May 08 2012
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