Established Contributor
MrCredit
Posts: 571
Registered: ‎11-13-2008
Re: Will We Qualify? And for what amount?
Im an analyst cant say which bank.... I want my job but.... I would say this, you will not be able to get a mortgage till it is discharged, or at least if you dont want to send red flags up to the trustee... With your income I would say you can get something in the neighborhood of 190-205k. The thing is you will have to FHA with these uncertain economic times, conventional mortgages have tightened up, the best thing is you will only have to pay 3%, I dont want to get noisy but if your money 25k is cash, I would wait till your discharge and put your down payment in the bank, they are going to want to see where you got the money from.... Good luck. By the way you should get a rate of something in the neighborhood of 6.5% it also depends on where you are buying FL and TX are tough markets due to homeowners insurance hikes and foreclosure rates, banks are being real careful lending in these areas. Your DTI looks great! You will have to wait 6 months after the discharge to do the mortgage though if you go through FHA