Mortgage Possibility-FHA

Anonymous — Sun, 17 Jan 2010 01:37:34 GMT

Myfiance and I are lookingat home to get before we get married. This what evrery thing looks like, can some one maybe tell us if we could get a 170,000.00 loan?

I have the lowest scores so I know that they will go off my credit. My FICO for TU and EX 699 and 766. My EX score from FreeCreit is 644 so I figure my mid-score is around the high 600's based on TU. Our combined income is approx 64,000.00. Our combined Debt Payment for Student Loans is 365.00 and we both have a credit card with a minimum payment of 15.00. No other debt payments on our report and our Util for the cards is less than 10% and we pay it off every month. We have approx 13000.00 in saving combined. Seller will pay 50% of closing. Taxes approx 1000.00/year and insurance around $800.00. What are the chances for getting approved for a 170,000.00 loan? I also need to add that I have been employed with my current employer for a year as I just graduated from college last December. I did work full time while in school as well as my fiance. Fiance the same with employment and her job is basically in the same field. \

Thanks for the help and does anyone know how to compue a rough estimate on closing costs and mortgage pymnt per month?

Re: Mortgage Possibility-FHA

DallasLoanGuy — Sun, 17 Jan 2010 02:30:08 GMT

you shouldnt have any problems with that profile.

cannot estimate costs without eztimating rates.

higher costs = lower rate
lower costs = higher rate

go ahead and apply and bring the gfe here for review.

Re: Mortgage Possibility-FHA

Anonymous — Sun, 17 Jan 2010 04:01:41 GMT

DallasLoanGuy: Thanks for the response. I would assume the rate would be around 5.3 with a 30 year fixed note. What do you think?

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Mortgage Possibility-FHA

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Re: Mortgage Possibility-FHA