03-19-2017 12:54 AM
03-19-2017 04:39 AM
03-19-2017 05:17 AM
My income only 65k before tax ,and my total debt is about $900.need to buy first time home buyer .
I used different mortgage calculator , and got different answer .
Hope someone can help .
^^^This number is different depending upon the program you select (FHA, VA, USDA, or conventional). Also, it is different for the following reasons:
The LO calculates a max monthly payment you can make according to the debt ratios allowed by the loan program. If you have HOA + High property taxes + High homeowners insurance, you reduce the amount available for your mortgage P&I. Initially the LO will use average figures but refine it with the specific selection of a particular property.
03-19-2017 09:09 AM
03-19-2017 09:35 AM
03-19-2017 11:49 AM
03-19-2017 12:12 PM
03-19-2017 05:43 PM
I just had conversations with broker and he said you will be qualify for 350k and Aldo government programs only help you small amount of %5 down payment or closing cost .
I really don't know what's going on why I am getting different answer ? He did math and said 350k and even more .
I don't know I have to ask some other brookers too .
mortgage calcuter should tell you only one number to everyone .
No, ^^^ that isn't correct. It is different for everyone because gross income is different, current debt load is different, down payment is different (min amount required is based on sales price - but you can put down more), taxes and insurance is different.
If you are going to a legitimate experienced, knowledgeable lender and he said $350k based on your financials (that s/he reviewed) then believe that broker.
03-19-2017 07:05 PM
03-19-2017 07:49 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.