Re: Preparing to buy
03-12-2009 07:37 AM
Thanks Mickie for your help.
I've seen the same ratios, esp. with 43% being the high-end, on several calculators. Is the 43% policy for FHA? Have they been known to insist on less? I suppose it would also depend on the lender, maybe?
Aside from the down payment, roughly how much on a $350k home would we have to fork out for closing and other costs associated with buying a home?
I've helped a couple business owners with their corp. taxes and personal taxes leading up to their home purchase. I've seen exactly what banks ask for. It is a pain in the rear-end to get all of the P&Ls, balance sheets, etc. ready at the last second. I really don't want to go through that for myself. What a pain it was.
FHA is 3.5% down I would look into the nada program as well, that has no closing costs and rates below 5