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What are my chances? Trying to manage EXPECTATIONS :o/

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ABD
Established Member

What are my chances? Trying to manage EXPECTATIONS :o/

Will I be approved?

Gross monthly income is $4575

Yearly salary: $54890

Also $500 in child support, but it is a private aggreement, that has been in place for 5 years and I can show that I receive it every month, same day

Total monthly gross: $5075

Total monthly debt: $ 729 (Car note, student loan, CCs)

Middle Score: 674

 

I received the WF Neighborhood Lift grant of $15k and I also qualify for another $10k in down payment assistance. But I only have $1k of my own, and no other savings or reserves.

 

I have a collection for nearly $5k for college tuition, that I am currently fighting in court.  It's on my CR, but I do not have a judgement.  I also have one medical collection for $279.

 

I've been at the same employer for 5+ years.

 

I want to build a new home, and prices start at $180 -- of which I have $25k in down payment assistance. So I need a mortgage loan for $155k, and this area is also abated, so no property taxes for 10 years.

 

Met with Wells Fargo, but they could only pre-approve me for $100k conventional. But I hear they have way too many overlays and are not good loan orginators, just good servicers.

 

Going to meet with a bank that is the #1 mortgage lender in my state.

 

What are my chances???

Message 1 of 6
5 REPLIES 5
DallasLoanGuy
Super Contributor

Re: What are my chances? Trying to manage EXPECTATIONS :o/

how much will taxes and insurance be on that $180k purchase?

 

Retired Lender
Message 2 of 6
ABD
Established Member

Re: What are my chances? Trying to manage EXPECTATIONS :o/

$800/year in home owners insurance and around $800/year taxes on the land. The house has a 10 year tax abatement.
Message 3 of 6
DallasLoanGuy
Super Contributor

Re: What are my chances? Trying to manage EXPECTATIONS :o/


@ABD wrote:
$800/year in home owners insurance and around $800/year taxes on the land. The house has a 10 year tax abatement.

only time i hve dealt with tax abatement is when we(in texas) dont charge disabled vets any taxes.

 

not sure how to deal with that abatement.

 

can you elaborate on that?

 

 

 

Retired Lender
Message 4 of 6
ABD
Established Member

Re: What are my chances? Trying to manage EXPECTATIONS :o/

It's new construction. So to incentivize buyers the city suspends property taxes for a period of time. In this case 10 years from purchase.
Message 5 of 6
DallasLoanGuy
Super Contributor

Re: What are my chances? Trying to manage EXPECTATIONS :o/

you might be ok if the underwriter will take the $0 tax thing.

because the child support has to be court ordered to be used.

 

you need to apply and have the LO send the file to u/w for the pre-approval.. some lenders wont do that. but it is coming more common

 

Retired Lender
Message 6 of 6
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