Profile picture for sukhipatiala

hi guys i am in underwriting here are the details

i am in the process of buying  a new ryan home
income 37000 per year (SELF EMPLOYED)
home price 195000
CASH IN HAND 40000 INCLUDING CLOSING COSTS
PROPERTY TAXES 4800
CREDIT SCORE 798,768.748 WHAT ARE THE CHANCES OF MORTGAGE APPROVAL
  • February 24 2012 - Easton
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Answers (2)

Best Answer

You've left out some very important information. How much are the monthly payments on any installment and revolving debt? Also you say 37000 income annually is that(net or gross)? Is that a 2 year average of what you bring forward from the bottom of schedule C to the first page of the 1040? You left out the amount of your homeowner's insurance and what if any HOA fees.  But working with what you provided you are about 40% dti housing ratio which is acceptable (key is do you have any other debt?)

Your comment "CASH IN HAND 40000 INCLUDING CLOSING COSTS"
Are you putting 20% down ($39,000)? Is the builder paying closing costs?

I'll assume you've got a competent loan officer and if has taken the application and already submitted it and gave you a pre-approval I would think you shouldn't have problems.

  • February 24 2012
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Profile picture for sukhipatiala
thanks for replysir yes debt of 2500 paying 45 per month
and hoa is 98 per month and builder is not paying closing costs
net income 37300
thanks a lot
  • February 24 2012
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