Mortgage Loans

[oldhack62]

I'm not that conversant with ratios, so I'll let the loan pros speak to those particulars. However, I'd make a couple of points, and pose a potentially problematic question? First, your credit score is only going to gain to you 1/8th point or so regarding loan rate -- FHA rates are pretty much the same for everyone, and a function of the current loan market. You'll get whatever's current. Second, if the $8,000 tax credit/refund is a deal-breaker for you, you probably can't afford to buy. Trust me -- $8,000 doesn't go that far unless you find a house you need to do NOTHING to, including furnish! And, finally -- does your reticence about 2007 income indicate your current job history is less than two years? If so, know that most lenders seek two years as a minimum for stable employment history. If your current employment is in the same field as your academic pursuits, that would help. You can overcome some of these factors/difficulties with offsetting benefits, such as substantial reserves/savings.

Message Edited by oldhack62 on 08-10-2009 07:35 PM

[prioritybubble]

I think some of you are confusing this $8,000 tax credit.  It's only for 10% of the sales price.   From the sounds of these boards it sounds like everyone expects to get $8,000 even if they are only buying a $100,000 house which isn't the case.

http://federalhousingtaxcredit.com/2009/glance.php

[SonorityGenius]

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prioritybubble wrote:

I think some of you are confusing this $8,000 tax credit.  It's only for 10% of the sales price.   From the sounds of these boards it sounds like everyone expects to get $8,000 even if they are only buying a $100,000 house which isn't the case.

http://federalhousingtaxcredit.com/2009/glance.php

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You need to stop spreading your paranoa. Seriously, get some help. 10% OF 100,000  = 10,000

THE CREDIT IS 10% OF SALES PRICE = 80,000 IS ALL YOU NEED FOR A MIN HOME PURCHASE.

(On your calculator, multiply 0.10 x 80,000)

[Sommery]

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SonorityGenius wrote:

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prioritybubble wrote:

I think some of you are confusing this $8,000 tax credit.  It's only for 10% of the sales price.   From the sounds of these boards it sounds like everyone expects to get $8,000 even if they are only buying a $100,000 house which isn't the case.

http://federalhousingtaxcredit.com/2009/glance.php

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You need to stop spreading your paranoa. Seriously, get some help. 10% OF 100,000  = 10,000

THE CREDIT IS 10% OF SALES PRICE = 80,000 IS ALL YOU NEED FOR A MIN HOME PURCHASE.

(On your calculator, multiply 0.10 x 80,000)

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THANK YOU! It's 10%! Not 1%. You don't have to buy a $800,000 house to get the $8000. That would be stupid. So, yes, people buying a $100,000 house WILL get the full $8000. My house is $105,000 and I'm getting my full amount.