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Company Loan Type APR Est. Pmt.

how much can i get?

Posted on: 12th Jan, 2010 10:54 am
697 credit score. annual income 25,000. no other monthly debt. 2+ yrs on the job, 10000 down payment. how much of a loan can i get. I need 120,000, do i get it?
if taxes, insurance and mortgage insurance premiums are tiny, you might get a loan in that neighborhood. those 3 items are critical for any loan officer to tell you what you qualify for; without them, it's nearly impossible to tell you what you wanto know.
Posted on: 12th Jan, 2010 08:58 pm
That income seems a bit low to qualify. George may be correct if your taxes and insurance are tiny, but I would tend to say your DTI will be too high for that size loan in most cases.
Posted on: 13th Jan, 2010 04:36 am
home ins and property tax would be about 600 each. Thanks!
Posted on: 13th Jan, 2010 08:12 am
600 annual, i am hoping...i.e. about $100 per month total. if you borrow $120000 at 5% interest, that equates to $500 per month, plus the $100 for tax and insurance plus about $60 for mortgage insurance (fha mip); this renders a grand total of $660 monthly; with income of $2083.33 monthly, your debt ratio works out to about 32% ratio.

yes, i think that could work for you. and you may have a little wiggle room, depending on the specific product you seek. depending on what state you're in, you may have a first time homebuyer program available to assist you.
Posted on: 13th Jan, 2010 01:54 pm
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