I am currently waiting for U.S. Bank to contact me on my pre-qualification results, until then, I am hoping for a $60k-65k loan. Maybe you guys can look at my info and make an educated guess on whether or not I could receive this loan amount.
- $20,664 yr (work flexible hours, so I averaged my latest two yearly incomes)
- Been at my job for 4 years
- 760 credit score
- Currently have $10k for down payment, but will try to save up for 20%
- zero debt
- 23 years old
The condo is $80,000. With the size loan I'm looking at, my mortgage payment to income ratio (front-end ratio) would be 35%, higher than the 28% from the 28/36 ratios that lenders use. I live in California and I've read that lenders here use higher front-end ratios due to the higher cost of housing. What do you guys think?
Message Edited by Journeyman on 01-22-2009 04:55 PM
