04-11-2009 12:50 PM
04-11-2009 01:05 PM
I don't think the W2s will be a problem. They will probably ask for a month of paystubs. Without knowing what debt you have, I can't help too much. But with your income, 41% dti would allow about 900 a month of debt including your mortgage payment(mortgage, interest, taxes, insurance and PMI)
A 120,000 house with 10% down at 5.5% has a mortgage/interest payment of about 630.00. PMI is going to run you about 75.00 a month so you are up to 695.00. See if you can figure out taxes and insurance for your area and calculate it in.
If you have any other debt payments, this changes everything.
Your scores look ok, job history is fine, no baddies on the reports in the last 12 months.
Have you money for closing? You can negioate seller assistance but if not, count on another 5-7%
If money is an issue, consider FHA, it is 3,5% down.
04-11-2009 01:12 PM
they estimate the payment taxes and insurance complete is to be around 965-980 a month. total down, with closing they are estimating it to be around 16k. and they said to have 3months of check stubs showing what i make now, which i do have. so it looks like it maybe possible! jeeeeez i hope so, i dont want to rent and i dont want to live with mom and dad anymore lol! 13k in the bank right now
04-11-2009 01:20 PM
04-11-2009 05:04 PM
04-11-2009 05:33 PM
But what I'm also saying is that the 41% is only if you have other debts. You can't have your housing payment be 41%. That's usually more like 30something% that is allowed for housing payment, then any additional debts PLUS housing can't be over 41%. So, you don't figure out the housing payment as 41% even if there are no other debts.
Not sure I am articulating this properly, but basically the housing payment is not allowed to be 41% (unless automated underwriting approved something higher and it was able to get through) - it's housing payments plus any other debts can't be higher than 41%. Your total housing payment is usually ahve to be in the 30something % range.