Profile picture for friguy3

I did not get any quotes on my loan request (ZR-QTVDZSC). Can someone help me figure out why?

I have great credit, close to 800 and my wife is over 800, and I will be making 250,000 and year but cannot put anything down, but we will be first time buyers. We are trying to figure out how much of a mortgage we could be pre-approved for...600,000?? 
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December 10 2009 - Freehold
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Profile picture for jabdoc

I'm in a similar situation as friguy3 and am planning on taking advantage of a buyer's market with reasonable mortgage rates.  The physician loans still exist, depending on the state, and will provide 100% financing without PMI.  BBVA Compass, Suntrust, First Citizen's Bank are several examples.

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January 11 2010

Frig, with an FHA loan, you don't need any money in the bank-you can have the 3.5% downpayment gifted to you.

You can also have the seller pay your closing costs up to 6% of the purchase price.

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December 28 2009
Profile picture for sendbutton
Suntrust does have a program, but their guidlines have gotten very restrictive.  Every new doctor on earth has gone to them and now they are realizing why the other banks stopped this years ago.

Your best bet is to find a county with higher FHA limits and putting 3.5% down... otherwise, you're stuck at $417,000 max.

The one thing I never understood is why you wouldn't stick away a ton of money in those first few years you're making really good money and then either pay cash in a couple of years for a house or at least make sure you've got a few years experience under your belt before you start spending money you haven't made yet.
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December 13 2009
Profile picture for friguy3
Nobody brought up physician loans. Are they still being offered? Suntrust Ive heard may still offer them? 
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December 13 2009
Based on the new information, whenever you begin receiving your income of $250,000, you would qualify for a loan payment equal to 31% of your verifiable gross income (as long as your total monthly required payments for all your debt obligations including the proposed mortgage payment do not exceed 45%; this includes student loans not in deferment).

This is an FHA guideline and the maximum loan amounts I provided to you previously depending on your location. You can locate the specifics at the hyperlink below:

FHA 203(b) Program

You will still need a down-payment. However, if you buy an existing HUD owned foreclosure, you would be able to buy it with just $100 down! And you could renovate the home using a 203(k) loan program which would allow you to create immediate equity in the home! Get the facts below:

FHA 203(k) Program

If you are looking for a home that requires a loan amount greater than what FHA makes available in your area, you can borrow up to $417,000 on a conventional loan with 5% down payment; but it can come from a variety of sources including an advance from your employer, loan from a relative, grant from a non-profit organization, and other sources. You can get the details below:

Alt-97 Loan Program

Good luck!

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December 12 2009
Keep this in the back of your head as you look for a home.  Most if not all lenders are going to require that you are currently in that position before you can buy a home.  Meaning if you are currently finishing training and will not start that $250k position until say May, you would not be able to buy until then.
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December 12 2009
Profile picture for friguy3
im finishing my medical training, have a contract for 250k x2yrs then i will be a partner in the practice with an expected take home of ~400-500k/yr
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December 12 2009
First, a down-payment is going to be required!

FHA requires 3.5% down and 5% down is required for Conventional financing. Your location will determine the maximum loan amount available to you. In many areas, $417,000 is the maximum loan amount for Conventional financing and $271,000 is the maximum for FHA financing. ($730,000 is the maximum FHA loan amount in some areas.)

Secondly, you state you will be making $250,000. Are you employed under a contract? Are you self-employed (1099 income) or an employee (W-2 income). Is your income based on commissions in whole or in part? Is there any employment probation period to satisfy? Have you been in the same occupation in the past 2 years? Have you earned similar income in the past 2 years?

The concerns are that the probability for your income to continue is sound. Also, if you are self-employed, your income will be based on your 2008 and 2007 Federal Tax Returns. Commission income will only qualify if you have a 2 year history of similar earnings in the same occupation.

There are no special down-payment assistance programs available in the price range you have mentioned for first-time home-buyers.

I suggest that you contact a Realtor in your area who has a solid relationship with local mortgage lenders and banks who can refer you to someone to see if you are qualified, and if not, let you know what you need to do or how long you must wait to obtain financing. The Realtor will assist you locate a home once you are pre-approved for financing.

Hope this helps!
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December 12 2009
friguy...Unless you qualify for a VA loan or are in a rural area you will not find a 0 down program and neither of these programs will allow for loan amounts of this size.  You mention that you "will" be making $250k per year.  Are you not making that now?
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December 12 2009
You can have a no-down payment as a first home buyer (roll it into the mortgage) so its not like this is an off the wall question.

Actually, a no-down payment mortgage is not available in this lending environment unless you qualify for a VA or USDA loan. You may not like Chuck's tone, but his answer is dead on.
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December 12 2009
Profile picture for friguy3
Chuck, not sure what you mean by "lots of folks will take you seriously?" You can have a no-down payment as a first home buyer (roll it into the mortgage) so its not like this is an off the wall question. Stellar credit, no debit, a good income (that will increase substantially over the next 3 years). How is that not serious?



Thank you Irfan for that info, instead of just implying, make more money so you can pre-qual for a higher mortgage. I had heard the in general, a rule of thumb is the mortgage can be ~3x your annual income. Which I guess is around the 750,000 range
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December 12 2009
You need a min down payment of 3.5%. Talk is cheap. Get some money together and lots of folks will take you seriously.
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December 11 2009
If you and your wife currently making 250k annually and dont have alot of debt you should be able to qualify for max fha loan with 3.5% down.  Max loan amount for fha loan is $729,750. Just make sure that county youre looking to buy a house is approve for high balance loan.
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December 10 2009
Profile picture for friguy3
Thank you for the expert advice. Now maybe someone who actually wants to give ADVICE can give an actual answer. Seriously...you guys "hang out" in the mortgage forums? Must be an exciting life.
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December 10 2009
LOL Santa.
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December 10 2009
HO HO HO you still need some dough!
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December 10 2009
 
Related Questions
I did not get any quotes on my loan request (ZR-QTVDZSC). Can someone help me figure out why?
Profile picture for jabdoc
Latest answer by jabdoc
January 11 2010 | 16 answers
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