Will I Qualify For A Mortgage

[Anonymous]

Looking to buy a condo for $179,900 and was wondering if i would get approved.  Here is my info and any help would be much appreciated. 

1. Credit.  803 778 775 are my credit scores and i have never been late on any accounts. 
2. Income.  $35,000/yr
3. Source of income.  $36,000 down payment through gifts
4. Monthly debt payments. Car is leased @ $345/mth but the lease is up in April and I plan on buying it back with cash.  One credit card with $904 balance and montly pymt of $22 but also plan on paying this off next month. 
5. Employment Been employed with the same employer for 10 years. 
6. Assets/Reserves.  $10,000 in Savings Account, $13,000 in IRA's 
7. Location.  Coventry, RI, Property Taxes $3100
8. Property.  Condo - HOA $159 
9. Occupancy.  Primary residence
10. Transaction Type.  Purchase

Hope I provided all the necessary information correctly.

Any insight would be greatly appreciated as you guys are awesom on this board.

[Anonymous]

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@Anonymous wrote:

Looking to buy a condo for $179,900 and was wondering if i would get approved.  Here is my info and any help would be much appreciated. 

1. Credit.  803 778 775 are my credit scores and i have never been late on any accounts. 
2. Income.  $35,000/yr
3. Source of income.  $36,000 down payment through gifts
4. Monthly debt payments@. Car is leased @ $345/mth but the lease is up in April and I plan on buying it back with cash.  One credit card with $904 balance and montly pymt of $22 but also plan on paying this off next month. 
5. Employment Been employed with the same employer for 10 years. 
6. Assets/Reserves.  $10,000 in Savings Account, $13,000 in IRA's 
7. Location.  Coventry, RI, Property Taxes $3100
8. Property.  Condo - HOA $159 
9. Occupancy.  Primary residence
10. Transaction Type.  Purchase

Hope I provided all the necessary information correctly.

Any insight would be greatly appreciated as you guys are awesom on this board.

---

From the naked eye you might be over the dti % for all bills with your income but the experts could tell you for sure.  One thing I would do as I experienced it myself is make sure the dealership updates your credit report that the lease was completed and in your case the car was purchased pd in full.  When I was waiting to get my uw approval they counted a lease I had towards my dti even though I provided paperwork that says my lease is done, vehicle was returned and no other money is due by me yet they wouldn't budge until my credit reports reflected it

[cdtotten]

On a $180,000 w/ $36k down (assuming 5% fixed, 30 yrs, .5% insurance, 1% tax)

P&I:  $773

Ins:   $75

Tax:  $150

Total: $1,000

Your gross income is $2,917 a month.

So your front end ratio would be 1000/2917 = 34%

That is not gonna fly most likely. Usually 29% is a high. 

I'm sure someone more knowledgeable then I will step in though.

[Lel]

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MrsB wrote:

Looking to buy a condo for $179,900 and was wondering if i would get approved.  Here is my info and any help would be much appreciated. 

1. Credit.  803 778 775 are my credit scores and i have never been late on any accounts. 
2. Income.  $35,000/yr
3. Source of income.  $36,000 down payment through gifts
4. Monthly debt payments. Car is leased @ $345/mth but the lease is up in April and I plan on buying it back with cash.  One credit card with $904 balance and montly pymt of $22 but also plan on paying this off next month. 
5. Employment Been employed with the same employer for 10 years. 
6. Assets/Reserves.  $10,000 in Savings Account, $13,000 in IRA's 
7. Location.  Coventry, RI, Property Taxes $3100
8. Property.  Condo - HOA $159 
9. Occupancy.  Primary residence
10. Transaction Type.  Purchase

Hope I provided all the necessary information correctly.

Any insight would be greatly appreciated as you guys are awesom on this board.

---

It does look like your DTI is going to be on the high side.  $144,000 financed at 4.75% for 30 years yields a P&I payment of about $750 a month.  Add $250 a month for property taxes and $159 for the HOA fees and your front-end DTI is already at 40%.  This doesn't include the hazard insurance, either.

ETA: I'm slow to respond.

Message Edited by Lel on 02-12-2010 12:41 PM