Profile picture for rosendo casas jr

i want to know how much am i qualified?

  • January 19 2011 - Lemoore
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Answers (7)

Profile picture for Steven G. Hinton
The type of property you plan to purchase may also effect the maximum loan amount available to you.

I am a CA licensed Originator and would be glad to help.
  • January 20 2011
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Profile picture for Liberty Mortgage
In order to determine an answer to that question, the following would need to be known.

1) What is your monthly income.  ((Keep in mind copies of your last 2 years 1040's and 1120's if any would be needed to determine if you took any unreimbursed job deductions and or filed self employed corp returns.))
2) What is the monthly debt that appears on your credit report plus we would add to that Alimony and or Child support.

Once those variables are known, we can determine what the max monthly payment you would be approved for.  Keep in mind, the max housing payment you are approved for may be more than you want to spend so you would dictate based on the purchase price, down payment and intangibles that come with the home (Taxes and Insurance) where you want your monthly payment to be.
  • January 20 2011
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"I am licensed in CA, and would be glad to help. Send me a note or a phone call and I can walk you through the process. Thanks"

No you are not! According to the NMLS you are not cleared to conduct business in California as of the date of this posting and saying you are is untrue.

I'm sure you will tell me that it's just a "glitch" and they are backlogged, and while that may be true, conducting mortgage originating activities before you are duly authorized to do so is violation and subject to permanent license revocation.

You may want to rephrase your last statement... Just FYI!
  • January 19 2011
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Profile picture for hpvanc
Determine what you are comfortable with, and can pay without sacrificing your lifestyle/safety fund/retirement saving.  Then go to a lender and validate your decision, but do not raise your expectations if you qualify for more.

Here are some useful links.
http://cgi.money.cnn.com/tools/houseafford/houseafford.html
http://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx
http://www.zillow.com/mortgage/calculator/How-much-can-I-afford.htm

Error on the side of conservatism.

  • January 19 2011
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I am licensed in CA, and would be glad to help. Send me a note or a phone call and I can walk you through the process. Thanks
  • January 19 2011
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Hi Rosendo Casas, Definitely speak with a mortgage broker. When interviewing mortgage brokers be sure to ask about their pricing structure and ask whiter or not he/ she is charging points. If you need a referral, you can look my contact info up on my profile and I'd be happy to provide you with a referral. Good luck to you
  • January 19 2011
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You need to locate a loan officer to work with who can review your entire financial situation and make some recommendations.  Ask friends and co workers for some loan officer references.
  • January 19 2011
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