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jttran07 · Joined: 30 Jun 2008 Posts: 4 2.20 Dollars($)

Hello all. I just recently got my degree and job (about a year ago) and I am planning to make my first home purchase. I know nothing about this market and have been doing some research regarding this area. I am trying to get ahead of the curve and invest wisely. I am very interested in this home that cost about a half a million and I plan on making a down payment of 20% which leads to about a 400k in loans. Do you think I will get approve? I have an excellent credit score 720+ and my salary is right around 6 figure. Please lend me some help if possible. Thank you.

P.S I also owe about 50k in school loans. That is about my only monthly payment.

gmakerley · Posted: Mon Jun 30, 2008 11:58 am Post subject:

jttran i hope you'll ignore this advertisement and take advantage of the loan officers who offer their time and expertise on this site instead.

as for your qualifications, it's hard to tell you one way or the other how qualified you'd be without knowing tax liability on the property you cited, etc. if you're in the 6-figure range, a $400000 loan is quite possibly biting off more than you can chew. you're looking at a monthly payment of $2500 (give or take), plus tax and insurance escrows. take a good look at the numbers and be certain they'll fit your budget; and, of course, speak with a reputable and reliable loan officer, who would be able to analyze your finances and advise further.

jttran07 · Joined: 30 Jun 2008 Posts: 4 2.20 Dollars($)

Oh! I kind of figured. I was asking for advice not a mortgage officer Very Happy

Yes I did my calculations and I figured I will be spotting out about 4-4.2k a month towards mortgage, insurance, electricity bill, school loan which leaves me with a little bit of breathing room (about 1.3k leftover to spend with my income alone). However, my fiance makes just about as much as me, but his credit score is not so good because he has a few delinquency, so therefore I think it would effect the rate if he decides to join in. That is why I am unsure if they will approve the loan if I do it by myself.

brian1 · Posted: Mon Jun 30, 2008 4:38 pm Post subject:

Your debt to income will be close but with 20% down and those scores you should easily qualify for a conforming loan.
You just need to try and see what happens worst case is you get a no and find out what you need to do to change it.

Good Luck

smckaybiz · Posted: Mon Jun 30, 2008 6:41 pm Post subject:

Hi jttran07,

The debt to income seems kind of tight. I would prepare for the possability of having to put your fiance's name on the loan just to show his income and start working on increasing his credit score just in case.

Good Luck!

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Need some desperate advice. (nervous)