My big brother wants to purchase a new house in July or August. He lives in the north Georgia area, near Habersham. His current DTIs are 21% and 36.8%. Fico 8s middle is 684 but mortgage middle drops to 657. He currently has about 20,000+ equity in home and his neighborhood houses are selling for about 30,000 above that. He said he'd probably target $35,000 for his down payment. With current interest rates and his down payment he's hoping to finance a little larger home but keep payments within a couple of hundred where he is now.
He's on duty for the next 78 hours (EMT supervisor) so I told him I'd post for him. With his middle currently at 657 (one is above 660 and Fico 8 is above 700) what kind of financing could be get? He makes about 79,000 a year. What range of house would be realistic for him? (I keep telling him he could finance more. He keeps looking at 200,000 homes which doesn't give him much extra space.)
Can he go conventional? A lot of the data and info on the 'net is outdated. I'd like to be able to steer him in the right direction.
Thanks!!
SB
