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godfreycollman

Joined: 17 Apr 2008
Posts: 2
1.61 Dollars($)
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Posted: Fri Apr 18, 2008 1:50 am Post subject: any similar circumstances to emulate? finding mortgages in G |
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any advice for someone with fair credit making 47k with 1200 monthly debt to purchase a house in GA? relocating from NY?
also with 8k down looking at home valued to 175k? |
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larry

Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Posted: Fri Apr 18, 2008 2:22 am Post subject: |
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Hi godfreycollman,
Welcome to the forum.
If you have good credit and good employment history then you may approve for a mortgage. BTW are looking to stay here for a longer period of time? If so then you can think for ARM. Otherwise you should better go for FRM.
I think you should shop a bit for lenders to get better rates and terms.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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godfrey
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Posted: Fri Apr 18, 2008 3:01 am Post subject: mortgages |
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| thanks....looking to stay in GA...what about ARM and FRM? |
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larry

Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Posted: Fri Apr 18, 2008 3:22 am Post subject: |
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Hi godfrey,
Welcome back.
FRM is fixed rate mortgage and ARM is adjustable rate mortgages. If you want to know the difference between ARM and FRM check out this article at http://www.mortgagefit.com/fixed-adjustable.html
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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jeffselan

Joined: 04 Feb 2008
Posts: 54 Location: West Virginia
18.44 Dollars($)
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Posted: Fri Apr 18, 2008 1:23 pm Post subject: High DTI |
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Godfrey:
I think you are looking for too much house for your debt and income.
With a 6% rate and a 167,000 loan amount, your debt to income ratio is a shade over 61.5% on a 30 year fixed.
Speak to a lender that can find out your local taxes and home owners insurance averages. I used $200 a month.
You also need to sit down and talk about your credit to see what constitutes "fair"
Hope this helps _________________ Jeff Selan
Wells Fargo Home Mortgage
Hurricane, WV
www.jeffselan.com |
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Samantha
 Community Mentor

Joined: 16 Sep 2005
Posts: 1602 Location: MASSACHUSETTS
149.70 Dollars($)
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Posted: Sat Apr 19, 2008 3:29 am Post subject: RE: |
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Hi Jeff,
Very aptly said...one has to find out what's fair credit - what's the score and if there are negative items on the credit report. Moreover, one needs to determine the debt to income ratio.
Godfrey, i did calculate your debt to income though with the little information that you provided here. If I consider your monthly debt payment as $1200 and your annual income as $47000, the debt to income ratio comes out to 31%. I suggest you do the calculations again with the acuurate figures using the Debt-to-Income Ratio Calculator . That's within the 36% ratio required for any conventional loan. So, hopefully you may qualify for a mortgage. But off-course you'd have to check out with other factors such as your credit score, any negative items on your credit, your liabilities etc.
Now, just in case you're not sure of which mortgage to go for, go for a free consultation on the right loan from our community lenders.
Hope this helps...
God bless you.
Samantha _________________ Know how to compare lenders with mortgage booklet |
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godfreycollman

Joined: 17 Apr 2008
Posts: 2
1.61 Dollars($)
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Posted: Sat Apr 19, 2008 3:47 am Post subject: thanks.... :-} |
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| ..for the knowledgeable replies people..i will continue to monitor for more useable information. Thanks again... |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7448 Location: bloomfield, ct
70.12 Dollars($)
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Posted: Sat Apr 19, 2008 6:26 am Post subject: |
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godfrey, if we read you correctly, the $1200 is in existence before taking into account a new mortgage. that being the case, i agree with jeff's analysis of your situation.
honestly, you might qualify for a mortgage in the price range you've mentioned if you can eliminate and/or pay down - in large part - that $1200 of monthly obligations. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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godfreycollman
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Posted: Tue Apr 22, 2008 2:18 am Post subject: debt |
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| thanks George, but that debt is support for my two kids...whom are the reason why i'm looking to buy and relocate...i can't pay down on it.. |
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