Posted on: 19th Mar, 2009 09:45 am
in a lease purchase that ends june 1 - we are paying 1500 per month. we want to buy the home with the fico of 630
i'm not quite certain i understand what you're driving at, but i will take a stab at it.
if you'd like to obtain a mortgage to purchase the home you are currently leasing, your score of 630 will allow you to do so. what i'd suggest is going with an fha loan, as conventional loans will cost you more due to the score.
if you'd like to obtain a mortgage to purchase the home you are currently leasing, your score of 630 will allow you to do so. what i'd suggest is going with an fha loan, as conventional loans will cost you more due to the score.
Exactly what George said. But if you are paying $1500, if you wanted to purchase a home, if you did just a fixed rate with taxes and insurance included, your highest loan amount would be approx. $250,000, give or take depending on area.
but ashley, i believe the $1500 number is what is being paid now for the lease. we haven't been given a number for a purchase price at this point.
I was basically saying if she wanted to stay around a $1500 payment thats the purchase price she should be looking at or less. Obviously depending on the loan she gets.
oh...gotcha...i misunderstood where you were going with it...sorry 'bout that!