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Answers (1)
- Roxy Redenbaugh, "LoanLady Nationwide"
- Contributions:125
Given this limited scenario and not knowing if you have any other debts, you could probably be looking at a loan amount of 80K @ 5.25% = 441.98 plus your taxes and insurance this would keep you under the required debt ratio of 38%. You might be able to go as high as 90K depending on the type of SS income you have and if it's taxable, if not some lenders will allow you to bump your SS income up by 1.20% to 1.25%.You may also qualify for FHA and not have to use all of your reserves on a down paymt. Keeping money in the bank is very important and most lenders require you to have at least 3 months reserves. USDA will go 103% so if the property your interest in meets USDA requirements for Rural you should be ok with that too.
Good Luck, let me know if I can help further.
Good Luck, let me know if I can help further.
Loan Help!
Recently layoff; months from retirement, excellet credit score, capable of providing down payment between $15,000-20,000; combined (self, wife) montly SS income benefits of $1400; First time home buyer. Would like to settle near Austin Tx area. What is the maximum loan amount I could find covering taxes, insurance and living expenses?
What options do I have? (FHA,USDA R&D) Help with the puzzle!!
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