i have been here for a while. browsing around. just signed up...in any event...please help if you are bored...i could use it. thank you. i just got engaged and i want to buy a house with my fiance and nest!
utilization is under 9%. i have roughly 950 in balances and close to 17600 in available credit. credit should be good. between 700 and 750 maybe higher. my first credit card was given to me close to 5 years ago. 2 years ago i got a wells fargo card for 5k. last year i got a CU platnum card for 10k. i accepted the card and bought a gift. paid down the card immeditely and have been rotating balances well under 9%. like i said 17600 in available credit and probably 950 in balances.
i owe student loans but thats roughly 90 bucks a month. never late for the past 6 years.
i have car loan thats 399 a month BUT i dont pay that. i never paid that. it is in my name but my brothers business pays that. i have 36 checks and years of bank statements to prove that although the loan is attached to my social i never paid that vehicle...(1. i might even sell the car tomorrow actually lol 2. my LO thru bank of america is a friend and told me that as long as i can prove that i dont pay the car with past checks or bank statements then i would be good to go....is that true all across the board witth different lenders or is it rather lender specific??
i gross 40k and got pre approved thru fha financing with bank of americain the 139k amount...since then i got a raise (been going on for 5 months and might even get another raise)...now my gross is coming in at around 44,5k. not much i know. i am trying to make up for it with substantial down payment. hopefully starting january 1 i will get another raise in the 48k range. (850 a week to 925 a week)
i have 30k in the bank and want to use 20k for a down payment.
my questions
with a gross income adjusted from 40k to 44,5k what should my pre approval amount be adjusted to? assuming all other factors (credit, ratios, DTI) are aligned and i was approved for 139k when i was at 40k, can i be bumped up to 149 or higher with a gross income adjustment to 44,5? whatever calculations you used....what would a possible pre approval be if my gross was 48k?
taxes are a huge factor. the monthly nut around here with taxes are sometimes the same price as the mortgage....my fiance wants to contribute. she plans on paying the taxes. 140k homes have taxes in the 6k range. of course there are homes with less taxes but its not where we want to be....when you pay a mortgage every month, the money is distributed to a number of costs, taxes being one of them...in my fiances family, her mom pays the taxes 4 times a year to the county and her father pays the mortgage. how does this work? what kind of percentage down do you need to accomade a seperate tax bill. im trying to balance out where i need to be with my tax bill. 150k house with 5k in taxes vs 169k house with taxes at 3k? the house with taxes at 3k would require a longer commute to work ! lol...the costs in gas would offset the price in taxes ha...
will a bank adjust its lending based on what im putting down or is it strictly mathametical. selling price is 169. approved for 149 mort with 20k down payment?
closing costs...if i want to roll closing cost into the loan is that an option? but that will reduce my housing price correct? selling price is 169k. approved for 149k. closing costs are 10k. i need to come out of pocket 30k? (20k down payment 10k closing cost)
what kind of cushion does a bank want to see? obviously they dont want to deplete the savings of the prospected homeowner....but if there is 30k in the bank would they be less reluctant to lend money if they see that after 20k down there is still 10k in reserves?
short sales....i see houses listed for in the 150 range but its a short sale. i understand about the process but is the listing price on the short sale the absolute rock bottom price? is that price still negotiable?
