Posted: Mon Oct 13, 2008 2:54 pm Post subject: should i wait another month to apply for a mortgage?
Hi there
i am first time buyer in southern cal. and want to deposit up to 60k.
Fico 800.
annual income 37k
i got 50k in brokerage account,15k in retirement,80k in bank.
i am getting another 30-40k within a month.
1.Should i wait for 30-40k to arrive or it doesnt matter and i can apply now?
2.Can i get a mortgage with 10-15% down payment nowdays without ridiculously high interest rate ? If not i have to go for 200-300k house
which is fine with me
thanks very much
andre
You can achieve a loan with as little as 3-5% down right now, but I feel the issue is going to be your debt ratio. Based on your income, I feel it will probably be difficult to achieve a 2-300k loan. However, you have great scores and great reserves, so as long as you have a good rental history and job history to match, you may be able to achieve an approval.
Your best bet is to get with a qualified lender who can guide you through the process. They can help you decide if it makes more sense to put down a large down pymt vs keeping your cash invested and making a minimum down pymt.
you have no reason to wait, Blak. your credentials, as stated, are excellent, and will afford you a pretty easy qualification and processing once you find the home you wish to purchase.
that extra $30-40K you anticipate will likely arrive before your closing anyway, so there's no reason to wait. _________________ George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444
Blak your credentials are strong your cash on hand is great your income is low for the amounts you mentioned?
How much do you want to buy/borrow?
On that income your debts will have to be zero and your mortgage with taxes and insurance less than 1600 a month?
That is going to be tough in SCa
Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
blak6764
