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Guest

Hi everyone,

l make 65k with 500 in debts and 30k in savings and a 700 credit score can l qualify for 300k to 320k loan ?

JKennedySLG · Posted: Thu Jun 11, 2009 5:57 pm Post subject:

Are you stating you have debts totalling $500 per month or $500 as the total balance of your debt(s)? I hope we can help...

Guest

my monthly debt payments is $500.

JKennedySLG · Posted: Thu Jun 11, 2009 6:33 pm Post subject:

Your Debt-To-Income ratio is a little above the standard for automated approval, but you do qualify based on the figures you have given. I would recommend you staying below the $320k mark and try to stay around $300k so you don't over extend yourself. I hope this helps...

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi, Well 500 a month for your debt. You make around 5k a month after taxes? I would say to stay around 300k for a loan. You can have someone here run the numbers for you. Your fico score of 700 is good, income is good. We need a little more info to help you out.

Guest

Thanks for the quick response . l intend to stay below 320k. l have one more question is my qualification based on me putting down all the 30K or l can just put down 3.5 and still qualify ?

jenkin7 · Posted: Thu Jun 11, 2009 10:11 pm Post subject:

Hi John,

If you are going for an FHA loan, a down payment of 3.5% should be enough to qualify you. You need not put down 10% of your purchase price to get approved for the loan. However, apart from the 3.5% down payment, you will have to pay the closing costs and an upfront MIP for the FHA loan. A credit score of 620 is required for FHA loan. So, creditwise you will definitely qualify for an FHA loan.

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

you are definately qualify

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

Hello John, I am not sure how everyone is so quick to state that you qualify. On just your income against your assets with a mortgage of 300,000 and a rate of 5.5% your ratios are 35/41 which are certainly approvable. The problem is you need to include your taxes and your insurance and also your private mortgage insurance to see if you do in fact qualify. I think it will be tight depending on these variables. If you have any questions let me know.

Guest

I Can Help With Your Mortgage!

I would love to assist you. Email me back, and let's discuss!

MSmith@PrecisionFundingUSA.com

M

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Guest

Thanks everyone . Is good to know that l do qualify but like Brian is saying if the taxes is around 4500 and insurance is somewhere around 100 a month can l still make it ?

eric2 · Joined: 28 May 2009 Posts: 20 6.32 Dollars($)

The other thing I did not see mentioned is if you are looking in TX outside of the San Antonio area the FHA limit will be $271k. Hope that helps.

gregg@amflending.com
Dallas, TX

Guest

am looking in the MD area montgomery county to be precise.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Those numbers do look really good. And yes with FHA you can put as little as 3.5% down payments.

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