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have a 60k as a down payment, my income is 25k looking to buy a house worth around 150k do i need a

 looking to buy a house worth around 170k do i need a co-signer? how much the
 co-signer income should be?
  • June 26 2013 - Saddle Brook
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Answers (9)

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Thanks everyone, I'll call very soon.

  • July 01 2013
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I just ran the numbers and you may qualify by yourself, however, it will rely solely on a few things:

1. Property Taxes
2. Homeowners Insurance
3. Monthly Liabilities (Credit Cards & Installment Loans)
4. Credit Score

It's important that we discuss all aspects of your home purchase. I would recommend a co-borrower as it would strengthen your file, however, it may not be needed. The only way to be certain is to speak with a knowledgeable mortgage professional who can gain a clearer snapshot of your scenario. 

If you'd like to discuss your scenario in depth and weigh out your options please contact me at your earliest convenience; my contact info can be found in my profile.


Kindest regards,


Paul F. Marzolla
Senior Mortgage Consultant

  • July 01 2013
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I'm working for restaurants company for over 3 years, and I have no balance to pay or loan. I want the house for myself, my income tax last year with my ex wife was 46k,
  • June 28 2013
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Your excellent credit would be required but is not enough to compensate for a high debt-to-income ratio, also known as expense ratio.  You would still need to be below the limit for expenses.  Are you self-employed?  Is there someone else who would consider buying the home with you?  
  • June 28 2013
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my credit is over 765, does it help? I'm looking for single family house in saddle brook or any safe city close to Manhattan.
  • June 27 2013
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A major factor when buying in NJ is the property taxes.  Because taxes are some of the highest in the nation, it will greatly impact how much home you can buy.  The other consideration may be to put less money down and use some of your cash to strategically eliminate other monthly debts(Credit cards, car payments) which may be the best use for that cash.  I will be glad to take a few minutes to show you how much loan you can get.  Info you would need is monthly minimum payments on existing debts, property taxes and, as Ritchy mentioned, any condo or townhomes dues or fees which have to be factored in to overall expense ratio. Cheers!  Paul Davis 
  • June 27 2013
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I would recommend speaking to a lender if those numbers would work for a home. I know a great lender that can help.  She is great at explaining your options and the steps.  

I know of some homes in the Bridgewater, Somerville area that are in that price range if you would like I can send some options your way.

Please call me with any questions I would love to help.

Melissa Silva
Realtor
[contact information deleted by ZIllow moderator. Please see our Good Neighbor Policy for posting guidelines]

  • June 27 2013
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It would depend on your other credit showing on your credit report and what the total of the monthly payments in addition to what type of property you are buying as many condos and townhomes have hoa dues.
  • June 27 2013
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If you're credit is good, you should qualify for a loan of at least $100,000. So with $60,000 to cover down payment and closing costs, you should be fine to purchase something on your own. Contact a lender to get prequalified so you know for sure! 
  • June 26 2013
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