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Can I get a mortgage?

New Member

Can I get a mortgage?

1. Mortgage Credit Scores:  
    • Equi -687 , TRS- 689 , Exp - 700
2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide:
    • Type: 4 - 1 - 30 days late back in 2015 on my auto loan, 1- CC- charge off - paid, 1- CC - collections - paid, 1 tax lein paid 
3. Gross Income.  $92,000
 
4. Source of income.  Where is the income coming from? List each source.
    • Employed - Salary.
5. Monthly debt payments

Car Payment - 690

(10 Credit Cards But all are paid off monthly) 

Student loan - 130 a month ( 40k total due) 

 

 

 

 

6. Employment (for those who are employed). 
    • Type of employment: W-2 Employee - Same company for  12 years. 
7. Assets/Reserves
Checking - $10,000
CD - $5000
Savings - $5,000
IRA - $11,000
403B - $9,000
401k - $4,000
 
8. Location: 
    • SIlver Spring, MD, 20906
9. Property Description: 
    • SIngle Family Home.
10. Property Value. I do not currently own a home. I am married an living with my husband in his home. 
    • 500,000-700,000
11. Occupancy
    • SIngle family home 
12. Transaction Type.  Purchase
9 REPLIES
Valued Member

Re: Can I get a mortgage?

definitely... what price range and where?  (fha limit, conforming amount etc..)

 

there are new programs now like 5% down no pmi,  FHA home loans with DP assistance etc(620 credit score)

 

 

New Member

Re: Can I get a mortgage?

You think so? I'm looking in silver spring Maryland for 500-700k 

I would like to do a 15 year loan with 5-10% down. 

I could go in with my husband even though his credit score is better than mine on paper but he has some late payments on his current mortgage in 2015 when he did a refinance someone told him he had to show he was in rears and couldn't pay in order to qualify.

SO, I'd like to get the new home in my name only. I ran my credit earlier this year at the credit union and they said they couldn't even "go forward" with telling me how much I could get approved for due to the CC and collections being paid off too current. 2016 and 2017 . He suggested I wait two years and then reapply. 

Valued Member

Re: Can I get a mortgage?

Well im not from Maryland but norcal... there's someone here doing a fha loan with DP assistance, 620 min score

no income limit.. just not sure if its avail there i can asked.. i do see that FHA limit for your city is $636k... its Montgomery county right?

just trying to help out, since this forum had helped me a lot.... i am a California lic realtor since 06..

New Member

Re: Can I get a mortgage?

Yeah that's the county Montgomery! GOtcha! Well this is helpful and promising. Should I wait another year since it's so late in the buying season and this will also help me save at least 10K towards a downpayment or at least closing costs even though on a 500k house that's only 2% so that's nothing really. Is it bizarre to even look at buying a house with less than 5% of the downpayment? Thanks for talking BTW ! 

Established Contributor

Re: Can I get a mortgage?

Run through some of the mortgage calculators and see what they spit out for debt to income ratios and max limits with your income and expenses. Get approved yes, for 500,000 to 700,000 on 92,000 a year, doubtful to me but that is based on my similar scores and income but we have more "toys". Even with less debt we topped at about 400,000. Figure out from looking on Realtor.com what taxes are running for houses your interested in. Insurance will be a guess but you can use the prepopulated info for a idea. We have low taxes so it prepopulated way too high.
Moderator

Re: Can I get a mortgage?

Also, don't apply through your CU. I love CU's for many financing opportunities - auto loans, cc's, HELOC's but not for mortgages.  Go to a non-bank lender that only originates, underwrites and funds mortgages.  You will get a better rate (usually) and lower costs. Also stay away from the big box banks - their processing is not nearly as good as the lenders that only do mortgages and you end up with a surprize at the end ...like a denial a week or two before closing. Don't risk it. 

 

 

Contributor

Re: Can I get a mortgage?


beattheeoddz wrote:

You think so? I'm looking in silver spring Maryland for 500-700k 

I would like to do a 15 year loan with 5-10% down. 

I could go in with my husband even though his credit score is better than mine on paper but he has some late payments on his current mortgage in 2015 when he did a refinance someone told him he had to show he was in rears and couldn't pay in order to qualify.

SO, I'd like to get the new home in my name only. I ran my credit earlier this year at the credit union and they said they couldn't even "go forward" with telling me how much I could get approved for due to the CC and collections being paid off too current. 2016 and 2017 . He suggested I wait two years and then reapply. 


I am in the same boat as you I would love to purchase a house in my area but off my salary a little more than yours 500-700K is a lot of mortgage per month.

 

They say you shoiuld only spend 3x to 3.5x your salary, but good luck in this area.  You have to make 200K to get a decent house at 3 to 3.5x your salary.



Equifax - 644
TransUnion - 641
Experian - 639
Contributor

Re: Can I get a mortgage?


Firemediii wrote:
Run through some of the mortgage calculators and see what they spit out for debt to income ratios and max limits with your income and expenses. Get approved yes, for 500,000 to 700,000 on 92,000 a year, doubtful to me but that is based on my similar scores and income but we have more "toys". Even with less debt we topped at about 400,000. Figure out from looking on Realtor.com what taxes are running for houses your interested in. Insurance will be a guess but you can use the prepopulated info for a idea. We have low taxes so it prepopulated way too high.

I was going to say something like this too.  The problem is in the DMV area it is hard.  Most single family homes are 550K+ so you need to make 150K or more a year to afford them :\



Equifax - 644
TransUnion - 641
Experian - 639
New Member

Re: Can I get a mortgage?

It would be tight, but if you are looking at homes closer to the $500k range you could make it work based on the information you provided. A couple things that you would want to be cognizant of that would play a large factor would be the property taxes, which can vary greatly between homes and your home owner's insurance premiums. Any time your debt to income is close both of those items can play a huge factor in what you could be approved for. Feel free to PM if you would like to go over everything in detail.