any predictions.. dove in head first

[Alpha]

made an offer on a home and it was accepted, applied for a first time homebuyer mortgage under usda rural plan. tell me what you think my chances are of approval

home price $213000, seller paying closing costs and 2% usda fee 

amount financed $213000

annual income $62000  (same line of work for 20 years)

monthly payments( car loan and CC's) $645.00

mid fico score 660 with no lates, only a bk13 and a few paid in full tax leins from 10 years back

prequalified with a reputable mortgage company but they said sometimes stuff that looks like it would go through doesnt. any opinions

[Anonymous]

Financing will probably get approved....however you will be stretching yourself super thin...........

...Just because they give it to you doesn't mean you can really afford it.....Type in PITI Calculator on yahoo and take the first link they offer and then add in about $90 for PMI to the payment it calculates.

Good Luck!!!!!!! 

[Alpha]

how will i be stretched super thin? my mortgage payment with taxes and insurance will be less than $1400. my current rent is $1100 dollars and i usually have around $1500 left over each month after bills and living expenses. now with the tax deduction from interest i will be paying less taxes as well. I actually grossed $71500 in 2008 but since almost $10K of that was overtime they dont count that as gauranteed income. also no pmi on a usda loan according to my mortgage guy. thats what the fee is supposed to be for

Message Edited by Alpha on 02-13-2009 08:56 PM

[Anonymous]

I guess I am considering property taxes and assuming my areas (which are about $5K for that price tag).... I guess if your property taxes would less than $2k per year it wouldn't be a stretch.

$213K where I live equates to about $1,750 per month in PITI.

Can I ask where you live?

Just curious....I put in an offer today for $157K and my PITI will be $1300 a month (at 5.5%)  so that is what I was going off of....

Message Edited by 1111mel on 02-13-2009 11:03 PM

[Alpha]

wow.. those are some high property taxes. if i bought in a area 10 miles away i could get a brand new 1800 sq ft home for around 220,000 and the taxes would be around 1600 per year.

[Anonymous]

WOW! I am jealous............then YES, go for it and I don't see any problems.

I live in Texas...........it is it's own 'world' so to speak.

I wish you great luck!

Edited to add: In what I have been qualified for and have read by other posters....your status sounds solid. 

Message Edited by 1111mel on 02-13-2009 11:13 PM

[granny031350]

usda does not have  pmi

[Anonymous]

yep - sounds like you're good. We're working on one right now too, for around $225. Our taxes are estimated to be around $250/month. I guess everything IS bigger in Texas!

[WannaHouse]

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@Alpha wrote:

made an offer on a home and it was accepted, applied for a first time homebuyer mortgage under usda rural plan. tell me what you think my chances are of approval

home price $213000, seller paying closing costs and 2% usda fee 

amount financed $213000

annual income $62000  (same line of work for 20 years)

monthly payments( car loan and CC's) $645.00

mid fico score 660 with no lates, only a bk13 and a few paid in full tax leins from 10 years back

prequalified with a reputable mortgage company but they said sometimes stuff that looks like it would go through doesnt. any opinions

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I would say your chance look SUPER!! Just make sure you do not have any new lates, collections, etc. Do NOT buy anything new on credit, etc. Keep any CC's from increasing too much and all should be just fine.

Bottom line...keep your credit just about like it is when they pulled to qualify you and you should be good to go!!

Congrats and good luck