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mortgage shopping for first time home buyer

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firsttime Guest	Posted: Mon Jul 27, 2009 10:48 am    Post subject: mortgage shopping for first time home buyer Like 0 Dislike 0 Hi, i am planning buying a home in northern viriginia area, i am planning this for first time in my life. I know little basics like what credit score, what kind of mortgage and how much loan i get in theoritical values. I want to know if my salary is (example scenario) 50k last year and this year( from past 7 month) i have been collecting around 6500 gross income( my wife will start working from this month). I want to buy a home not exceeding 320k, i can down pay 10%, my credit score is around 770. Do you think i am eligible for getting a loan for 290k?? . one of friend with 90k salary and very good credit score got a loan for 450k( i thought if salary is 90k, one is eligible for only 270k.) Please advise if it is possible for me to take loan for 300k with my example numbers. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
kentmark0 Joined: 25 Jul 2009 Posts: 49 0.00 Dollars($)	Posted: Mon Jul 27, 2009 11:00 am    Post subject: Like 0 Dislike 0 i appreciate your thoughts. you have good credit score. next thing is debt to income ratio you need to maintain it in the range of 28% for a mortgage loan. you can refer http://www.mortgagefit.com/calculators/howmuch-afford.html for checking your limits on mortgage amount
livinginnky Moderator Joined: 08 Sep 2007 Posts: 631 29.96 Dollars($)	Posted: Mon Jul 27, 2009 11:29 am    Post subject: Like 0 Dislike 0 Hello, You can afford a house around 200k, with the info you provided. When you say this year you are getting $6500 gross... do you get a salary or commission, or other. Let me know Eric _________________ Eric Matthews Mortgage Refinance and Home Loan Guide
First time Guest	Posted: Mon Jul 27, 2009 4:10 pm    Post subject: Like 0 Dislike 0 Thanks for your responses, i get that amount in salary and my wife will start earning this month but i not sure how mortgage people take that into accound
First time Guest	Posted: Mon Jul 27, 2009 4:20 pm    Post subject: Like 0 Dislike 0 according to the link provided by kent mark, for 300k loan, i need around 6700 gross, But livinginnky was telling i can get only 200k loan with 6500$ gross.. confused!!
mailboxofarjun Joined: 27 Jul 2009 Posts: 14 4.62 Dollars($)	Posted: Mon Jul 27, 2009 7:31 pm    Post subject: Like 0 Dislike 0 i am also in the same boat, i am planning to go to banks like wachovia, bofa, weicher?? which one of them is best orelse we need to go to some other mortgage lender???
Realgeni Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)	Posted: Mon Jul 27, 2009 8:43 pm    Post subject: Like 0 Dislike 0 mailboxofarjun Which bank is good cannot be said by lookign at the name You would want to talk to some of the brokers on this forum, who may be able to help you better Good luck and feel free to ask
mailboxofarjun Joined: 27 Jul 2009 Posts: 14 4.62 Dollars($)	Posted: Wed Jul 29, 2009 2:06 pm    Post subject: Like 0 Dislike 0 ok thanks for the advise.
Mortgage_Man_X Guest	Posted: Wed Jul 29, 2009 4:53 pm    Post subject: I Can Help With Your Mortgage Like 0 Dislike 0 I Can Help With Your Mortgage! I would love to assist you. Email me back, and let's discuss! MSmith@PrecisionFundingUSA.com M I am on line now!
Realgeni Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)	Posted: Wed Jul 29, 2009 7:52 pm    Post subject: Like 0 Dislike 0 looks like you misspelled your email address

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