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dan163 · Joined: 18 Jun 2009 Posts: 8 4.68 Dollars($)

Yearly Salary: $32,500
Equifax FICO Score: 658
Transunion FICO Score: 673
Auto Loan: $308
Student Loans: $224

How much could I potentially qualify for based on this information? Thank you.

sunshineva · Joined: 15 Jun 2009 Posts: 78 6.76 Dollars($)

The FHA website should be able steer you in the right direction. Visit them at www.fha.gov and click on the "Consumer" link on the left-hand side. Scroll and click on the "approved housing counseling agency" link about midway down the page or call the FHA at 1-800-569-4287.
Good Luck.

Posted: Fri Jun 19, 2009 8:29 am Post subject:

Yes you would qualify. Based on your income and debt the maximum payment you qualify for is $578.00 per month (principal,interest, taxes and insurance) Total. Based on a 5.5% rate that would equate to a $84,000 mortgage (thats if your taxes and insurance payments are $100.00 per month).

If you want to qualify for more you would need to get rid of your car or student loan payments.

Hope this helps.
Walt Vieira

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

You would qualify for an FHA mortgage with a much better rate then a conventional with your credit score. Before giving someone a preapproval its best to have an idea of how much money they intend to put down and also an estimate of the taxes and insurance on the property. If you could provide those figures you will find a better breakdown. The estimate provided above for $84,000 gives you a 22/38 ratios but thats without any taxes and insurance. If you add the 100 taxes and insurance and the $38 pmi your back end ratio becomes 43 which is starting to get high. 50% is pretty much the max and the rest of your qualifications need to be pretty strong to get that approved. good luck

gmakerley · Posted: Fri Jun 19, 2009 9:56 am Post subject:

and i find that far too many potential borrowers are pre-qualified based on a purchase price with no notion of what real estate taxes on a particular property may be. it is far wiser for a borrower to express a monthly payment with which he or she is comfortable, and for a loan officer who will prepare a preapproval to take those factors into account when analyzing ratios.
i can't count the number of people who've told me that someone qualified them for a specific loan amount, only to discover that the calculation is decidedly different when we begin to take into consideration the other aspects of the monthly obligation (tax, insurance, mortgage insurance, condo fee).

Guest

There is very good advice psoted here. Follow their advice and get pre-approved. Please remember the $8,000 tax credit. Buy now! You will not regret it.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Buy now because it make sense and all your finances are life situation is good.

Do nto buy becuse you are goign to get $8000/- tax credit

Actually the tax credit is 10% of the home purchase price or a maximum of $8000

Good luck

dan163 · Joined: 18 Jun 2009 Posts: 8 4.68 Dollars($)

My wife and I have been interested in purchasing a home for quite some time, so it's not something we're jumping the gun on. We've went over everything 1,000+ times, and she's very much a planner, so we feel that we are ready. Sure, if we can get 10% or $8,000, that's an added bonus....but it's definitely not the reason we're purchasing a home.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Dan163

Thats really a good decision. I am gald you are planning well

Good luck

gmakerley · Posted: Mon Jun 22, 2009 12:02 pm Post subject:

yeah right

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