Profile picture for user0363221

Mortgage with 660 and 50k downpayment

I have a median fico score of 660 and have cash of around 50k.  My mean income is around 120K (last two years were around 160k for 2013 and 80k for 2012).  What sort of mortgages and home prices am I qualified for, if any?
  • May 10 2014 - Bedford
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Answers (11)

without looking at your complete profile it's impossible to say.. lenders calculate your debt to income ratio, so we would need to know what your monthly debt is to determine what your maximum loan/payment would be.. also, whats your job situation?  Same employer for the past few years?  Self employed? what type of income?  commissions?  Bonuses?  it makes a difference..  Here's the best advice I can give you..  contact a LOCAL mortgage broker and apply with them.  Once they see your complete loan profile, they will be able to advise you which loan product would be best for your particular scenario..  but I caution you.. do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders…By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario.  Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders..   I'm a Broker here in Scottsdale AZ and I only lend in Arizona.  If you or someone you know is looking for financing options, feel free to contact me or pass along my information.  William J. Acres
  • May 12 2014
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Credit scores at that level are definitely acceptable for most loan options. Lenders like myself can go as low as 580-620 depending on what type of loan you are seeking. With your current scores you have several lending options available to you such as FHA, conventional, VA, USDA, etc. Also, your income and down payment look good as well. If you are curious on how to start the process, then the first steps to buying a home would be to speak with a lender that fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to get pre-approved for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Connecting with a lender is a great way to kick start your home buying process. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 12 2014
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Since you used "around" 3 times, it would appear that you may be self employed or receive commission income. If that is the case, a lender would have to review both years tax returns and calculate net income. The net income is likely to be sufficient for a loan program but loan amount will need to be determined. Contact one or more of the lenders that responded and discuss the pre approval process.
  • May 12 2014
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As others have stated, we would need a bit more personal information. I am available for contact if you have any further concerns!
  • May 12 2014
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Depending on the size of the loan, I would imagine there is something that can be done. Like others have said there are other variables involved before anyone can give a firm answer.  Happy to help if you would like to contact me through my profile
  • May 12 2014
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Profile picture for user0363221
I forgot to mention I have no debt of any kind.  I pay new credit card charges each month and usually leave a couple of dollars in new charges before the company reports to the credit bureau.  
  • May 12 2014
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What you are saying sounds good so far, but like what was explained below we would need to calculate your debt to income ratio and take a better look at your credit report to then put our heads together to see what options you have.

Good luck and best wishes!
-Scott
  • May 12 2014
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Profile picture for PaulMcCausland
Would need a fair amount more info to address your question. This would be better discussed over the phone.
I'm here to help,
Paul
  • May 12 2014
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You should have both conventional and govt loan options...the final qualifying price will depend on the debt load that you may or may not have..that is the key to determing how much you will qualify for..another thing to consider is what kind of payment you want to make monthly!!

get with a  loan pro to crunch the final numbers..

randy
  • May 11 2014
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  • May 10 2014
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Profile picture for USMortgageRanger
Without looking at your debt to income ratio and and understanding what is the full ability to repay the mortgage no one can give you an accurate amount. Please reach out to my profile and lets talk and see what are your 5-10 year goals. Are you a first time home buyer? Can we do anything to raise the score so that you can get a better rate. 
  • May 10 2014
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