Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for sbray23

USDA LOAN

My fiance and I are looking to buy home in Pinson, AL the home appears to be USDA eligible property per the usda site. The Listing price is $89,900 and property taxes is $530 annually, we are hoping to get a usda loan but not sure if the DITI would hinder our hopes of getting the home because......the loan will be in his name and he only has a gross monthly income of $1760, his only debt is a $250 car payment and his credit score is between 680-740, I believe they will only take his income into account since only he will be applying for the loan when deciding how much home he can afford, can someone give any advice? should we be looking at a much cheaper home? The reason I won't be added to a loan is my credit is not good.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 19 2012 - Birmingham
We think we've answered this question for you!
 
 

Replies (1)

Assuming the information provided is correct and assuming an interest rate of 3.25% the monthly payment on the USDA loan would be around $529.37 for PITI and mortgage insurance.  Using these factors the DTI will be just under 45% and USDA likes to stay under 41% but will go higher with compensating factors, such as time at current job, time in current residence, etc.  You will want to talk to a mortgage professional who can look at your overall scenario and put together a pre approval based on actual numbers.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 20 2012
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
USDA LOAN
Profile picture for Jonathan  Mosca
Latest reply by Jonathan Mosca
November 20 2012 | 1 answers
  • Posted by sbray23
  • In Mortgage
  • November 19 2012
Mortgage Underwriting For the Recently Self employed
Profile picture for wetdawgs
Latest reply by wetdawgs
October 11 2012 | 1 answers
  • Posted by user3656246
  • In Mortgage
  • October 11 2012
Secondary Marketing Help
HAMP Loan Modification Request denied.
Profile picture for rodiman
Latest reply by rodiman
February 08 2011 | 2 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 312 58th St, Fairfield, AL Home For Sale
    312 58th St, Fairfield, AL 35064

     For Sale: $12,000

    • Beds: 2
    • Sqft: 840
    • Baths: 1.0
    • Lot: 6534
  2. 3530 Country Club Rd, Birmingham, AL Home For Sale
    3530 Country Club Rd, Birmingham, AL 35213

     For Sale: $399,900

    • Beds: 3
    • Sqft: 2030
    • Baths: 2.0
    • Lot: 20908
  3. 622 Royal St, Birmingham, AL Home For Sale
    622 Royal St, Birmingham, AL 35213

     For Sale: $209,000

    • Beds: 3
    • Sqft: 1336
    • Baths: 2.0
    • Lot: 7500