I am a newbie to the mortgage approval process. However I am trying to gain some knowledge before i go for homebuying process. I would like to know what you think I should be preapproved for based on some of the below stats :
Annual Gross Income : $78K
Duration : 5 yrs same employer
Retirement Savings : 50K
Downpayment : $12500 -15K
Credit : 711(EX), 689(EQ), 700(TU) based on myfico
How much should I be approved or qualified for incase of a 30yr fixed?
How do they comeout with what % of front and back load they will apply ?
Need the missing information from http://ficoforums.myfico.com/t5/Mortgage-Loans/Do-I-qualify-for-a-mortgage-Info-that-is-needed/td-p/...
Monthly Payment includes :
Car Payment : $654
CC : 100
No other loan
Credit : Few late payments in the past. No collections. No late payments in last 1.5 yr.
Source of income : W2 Employment. Salaried. Bonus not included.
Location : IL and county (Mclean)
Property. single family house
Occupancy. Primary residence. First time homebuyer.
Transaction Type. Purchase
Thanks a lot. Appreciate it.
With 5% down and conventional financing, your max sales price could be about $260k'ish - you can increase that to around $290k by paying a single premium PMI instead of a monthly amount, but that increases your "funds to close" or interest rate. With FHA and 3.5% down, your max sales price could be about $280k'ish (max FHA loan amount in Mclean County, IL is $271,050... but you can always buy a higher sales price and put down the additional difference).