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Re: mortgages

i have been considering on home buying due to all the pros towards it and would like to know how much do i have to put down for a house ? And what else do i have to have establish before buying a home? just need some clarity and information cause i see house are price in a thousands just want to know how i can i afford  a home when i dont know if i can with my income.
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November 05 2013 - Hampton
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Answers (3)

First off, down payments can depend on the type of loan you go for. If you are seeking an FHA loan then it will only be a 3.5% down payment. Also, a conventional loan can require anywhere from 10%-20% down. Lastly, if you are a veteran or if you are seeking a USDA approved property then you can go for a VA or USDA loan which doesn't require anything down. In order to see how much you qualify for it would be best for you to speak with a lender directly. A lender will look at many factors of your finances including your income, credit, expenses, assets, liabilities, debt, employment, and down payment to see if you can qualify and how much you qualify for. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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November 06 2013
Typically, you would look at two ratios to determine if you can get qualified for a house.  These two ratios we refer to as the housing ratio and the back ratio.  The range of these ratios in order to qualify can vary widely depending on a number of things.  These items are your credit profile, the amount of liquid assets you have, etc.
The calculation of these ratios are as follows: housing ratio - the new house note/your gross income, back ratio - your monthly debt payments including the new house note/your gross income.  In general you would want your housing ratio to be 28 to 42% and your back ratio to be 41 to 55% depending on mortgage product.

I hope this helps.

Good Luck!
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November 06 2013
Well, the first thing you need to do is find a lender.  Hopefully there is someone at your bank you can talk to.  You need to get a pre-qualification letter for a mortgage.  The lender will tell you where you stand right now.  If you are not financially ready to buy a home right now, then he will set up a plan for you to follow in order to get your finances in order so that you will be able to buy.  The downpayment differs depending on the type of loan - from 0% down up to as much as you want.  So shop around until you find a lender that you are comfortable with - Good luck -
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November 05 2013
 
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