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me and my gf looking buy house .with both income $5.400 monthly

me and my bf looking buy house .with both income  $5.400 ,the house price $240,000 Down payment ,$ 8000.do we can get proof for it?
  • June 10 - Austin
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Answers (17)

You should be able to get an FHA loan with yours and your gf's income and that down payment.  The missing piece of the puzzle is job history and credit score.  If you both have two years of job history and decent credit scores (above 620), you should be able to qualify for a house in the $240k neighborhood.  

You should watch out for your current debts though.  If you have high credit card payments, student loans, or all-around expenses it could be difficult to qualify for a home as high as $240k.  Instead, you may only qualify for a home valued at $200k, for example.  Of course, a mortgage lender will be able to give you exact information. 

Don't worry about their credit checks dinging your credit score.  As long as all of the credit checks are by lenders within a certain time period, it won't seriously affect your score.  Best of luck!
  • June 16
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Based on the few pieces of information that you provided, it is a perfectly doable scenario (a conventional loan with a 5% down payment or an FHA loan with 3.5% down). The missing pieces of the puzzle are your monthly debt payments, your credit scores, employment history and property type. You should fill out a loan application with a reputable lender who is licensed in your state and they would be able to give you a better answer.
  • June 16
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You should contact a lender and get pre-approved for a home loan. As soon as you have that, which does not take long, you can start looking for a home to purchase within that price range.

Good luck!

Best,
Carlie Strickland
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  • June 16
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I would say yes, but you need to put $8,400.00 down payment, and the yes depend on how much other debts you have and your credit score have to be good enough for an interest rate of 4.25% or less. choose a Realtor to work with and have their help to guide and direct you to a mortgage company or Bank to have all that checked. It is worth to invest a little time to get the most result.  
  • June 16
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Its important that you not only contact a lender, but that you contact the RIGHT lender. Speak to a Realtor who you trust and have them recommend a mortgage broker/lender.
  • June 11
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The first steps to buying a home would be to speak with a lender that fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to get pre-approved for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Connecting with a lender is a great way to kick start your home buying process. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

  • June 11
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I have to agree with Jim, chances are someone can get it done but more information would be needed to get the full picture.
  • June 11
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You definitely want to get with a lender to see what you can afford.  I agree it may not be possible with your income being a total of $5400/mo combined.  As Tom mentioned if you have any other debts your ratios will likely be too high to qualify for that much home unless you are willing and able to put a considerable amount more down.

I am in my Realtor profile now but I am also a licensed Texas mortgage broker.  I recommend you speak with a lender or broker to go over everything, review your credit and income and see where you stand.  From there you can can see what you can afford if that is something you want to move forward with or not.  It may make sense to purchase something a little more affordable with your current income because being house poor is never fun.  You need to have enough funds to live, eat and for the many unexpected expenses that home ownership always brings.

Hope this helps and best of luck to you.
  • June 10
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Hello!

You're going to want to contact a licensed mortgage professional directly. There are multiple reasons for this, but just to name a few:
1. Your repeating monthly debts (installment loans, credit cards, etc.) will affect your debt-to-income ratio, which is the ratio that actually determines how much loan you can qualify for.
2. Your credit score will impact your interest rate, which will directly impact your debt-to-income ratio, which as I mentioned, determines how much loan you can qualify for. 
3. A GOOD lender will look at ALL your options, and will hopefully be able to examine far more program options based on YOUR specific situation than a stranger on a message board who knows nothing about you. 

Best of luck! 
  • June 10
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With that income, it will be a tight squeeze. Any other significant payments(like a car loan) will make your debt ratios too high
  • June 10
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Try Zillow's anonymous quote requests with the "mortgage" link at the top of the page.
  • June 10
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If your max down payment is $8000 you would be looking at an FHA home loan 3.5% down.  Yes, you would need to provide proof of where that down payment came from.  You should connect with a loan officer to see about qualifying you for an FHA home loan. 

  • June 10
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Fha allows you to put down a minimum of 3.5% down vs the purchase price.....hence you are very close...it also allows for the seller to pay for you closing costs, and if needed "gift funds"....get with a loan pro to guide you guys through the process! TO PREPARE FOR HOME OWNERSHIP

GOOD LUCK
RANDY
  • June 10
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Hi!  Contacting a mortgage lender is the best first step.  Depending on your location, you may be able to get approved for a USDA loan which is 100% financing.  This type of loan is based on dual income below $75,000 and only if the neighborhood you're shopping in is approved as USDA.  Other options may be an FHA loan with 3.5% down of even a conventional loan with 5% down.  Start with contacting the bank that you currently do business with and work from there.  Not all banks offer the same mortgage products.  Lastly, while your income is good, other factors come into play like your debt and credit scores.  If you're including your gf's income, you must also include her debt.  A good lender will be able to take the time to talk with you about the details.  Best of luck!!!  If you're in southern Vermont, give me a call!  I love working with first time home buyers!!!
  • June 10
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There are way too many variables to give an accurate answer. Your best bet is to contact one or more lenders. You could start with your bank or credit union, but I prefer a mortgage broker. They can shop for the best product for your specific situation. And whoever you work with, make sure to ask if you're eligible for any down payment assistance. 

If you don't have a preferred lender you can start by asking for a recommendation from someone you know who recently purchased a home or find a real estate agent to work with on your purchase. They can advise you on all of the issues you'll run into during the home buying process. 
  • June 10
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You should contact a loan officer to get approved so you can determine who much you can qualify for. There is more information that would be needed to get the full picture.
  • June 10
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Hello,

There is a little more information that will be needed in order to determine if you will be able to purchase in that price range.  Contact me through my profile to discuss in detail.
  • June 10
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