Just Received my Pre Approval and here are some data points

[avp99]

Pretty Happy this evening 

Finished my application this morning and just received my pre approval. Here are some data points that might help;

Equifax MTG Pulled my Experian, Equifax and Transunion score which  is 757

Monthly income is $12,083.33

Monthly expenses is $1500

Total Assets (401k) is $130,772

Total Savings account is $4875

-

Approved for Maximum of 453,100.00

Loan Program: 30 year fixed-rate

Conventional Loan

Interest Rate 4.500

APR - 4.597

I'm not sure if there are other data points that would help, but if I can I will answer.

Cheers!

[355F1]

Awesome!

How much are you required to put down?

I figured with $144k annual income they would offer more than the $453k!

[avp99]

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@355F1wrote:
Awesome!

How much are you required to put down?

I figured with $144k annual income they would offer more than the $453k!

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Thanks, for a conventional I will have to put a minimum for 5% down of sales price. if I decide to go the FHA route, 3.5% but FHA will only go up to 285K.

Maybe the reason I was only offered 453K was because my AAOA is less than 5 years.  To be honest, i did not ask since 453K is more than enough for what I need.  

[355F1]

Ahh...I see.

This worried me because I am getting ready to apply for my first home loan, as well!

Monthly Income is about $10k, monthly expenses will be $600, and I was hoping for at least a $400k loan with 5% down. FICO will be above 800 with Average Age of Accounts 8years.

I will be applying next year right after taxes are filed.

[avp99]

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@355F1wrote:

Ahh...I see.

This worried me because I am getting ready to apply for my first home loan, as well!

Monthly Income is about $10k, monthly expenses will be $600, and I was hoping for at least a $400k loan with 5% down. FICO will be above 800 with Average Age of Accounts 8years.

I will be applying next year right after taxes are filed.

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Sounds like you should be all set,, that is a great score. 

[kc0039]

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@355F1wrote:
Awesome!

How much are you required to put down?

I figured with $144k annual income they would offer more than the $453k!

---

Anything more than $453,100 is jumbo territory. Different guidelines, different set of rules as well.

[355F1]

Oh yes! That is correct.

I think I should be fine when I submit my loan app then as I think I can build what I need for less than $450k, as I am in Arizona.

[avp99]

Update:  having my agent put in an offer tomorow, wish me luck!    

[Anonymous]

Thanks for providing the data points.  Curious though why FHA would only approve 285k.  Your back-end DTI is relatively low.

[avp99]

I was just thinking about that a few minutes ago, so  I just sent an email to my Mortgage Bank and asked them.  My online research shows a slightly higher amount:

-------------- Copy and paste from my email) ------------------------------------------

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I'll keep you updated on the answer I get.