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mailboxofarjun · Joined: 27 Jul 2009 Posts: 14 4.62 Dollars($)

My question is ...i know i will be qualified for mortage amount which equal three time of my income, but will loan officer consider my savings into account.
Example:
my income is 80k, and my saving are also 80k ( i am planning to take FHA loan so will make 20% down payment)
how much i will be qualified( roughly) will it be 240K + 80k orelse loan officer will not consider my saving amount?
Note: my credit score is around 775 average for all 3 bureaus, i am always in good standing( recently came that it does not matter of your credit score if is greater than 630, i am sure how much truth in it)

JKennedySLG · Posted: Wed Oct 28, 2009 12:15 pm Post subject:

Depending on your monthly debt obligations, you may be approved for a higher amount. There is a Program that will allow for up to a 60% debt to income ratio which may put you above the $240k amount. There is also a split Mortgage Insurance Product for this program which will allow for a high approval amount reducing your monthly Mortgage Insurance Payment. This all will depend on the area in which you are looking. I hope this helps...

jveenstra · Posted: Wed Oct 28, 2009 2:40 pm Post subject: Mortgage

If you are making a 20% down payment and have a credit score over 740, I can think of no reason in the world why you should be doing an FHA mortgage. You should be doing a conventional mortgage.

A mortgage of $240,000 would be a house debt ratio of about 28%. That is excellent and by the book.

We do not know what other monthly debts you may have. If they are about $600 a month, that is a 38% back debt ratio, again by the book.

You probabaly qualify for a mortgage above $240,000 if you desire to do so.

Posted: Wed Oct 28, 2009 4:19 pm Post subject:

Sorry for my post, what i meant was, i do not want to pay 20% of mortgage.
I am planning some other conventional investment so i am planning only 3% fha mortgage. What i heard from one of my friend is, mortgage also depends upon the cash reserves i got.

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