topic USDA Guarantee how much can I borrow in Mortgage Loans

USDA Guarantee how much can I borrow

Tpelc23 — Fri, 16 Mar 2012 21:15:39 GMT

Ok I think I'm in the general range but not sure.

Monthly income is 3,127.06 (Gross)
Car payment 382.50
student loan 49.00

No other debt.

Credit score Mid will be about 650.

This is my income only, we are considering doing it on mine alone. I know back end 41%, so I believe the paymnet would have to be about $850.00 or less. Taxes in the area about 1500.00 and insurance will run about 700.00.

So with that said, how much would I be looking to borrow. We have money we can put down or use towards closing.

Re: USDA Guarantee how much can I borrow

bbb3601 — Fri, 16 Mar 2012 22:04:31 GMT

USDA seems pretty stuck on front end 29 back 41 though with your score they could make an exception by a few % points. Pretty easy to figure. Google some PITI calculators and play with the numbers. It's fun!!!

Re: USDA Guarantee how much can I borrow

Anonymous — Fri, 16 Mar 2012 23:58:11 GMT

You and I make approximately the same but my DTI is 10%, they will calculate any monthly payments into your DTI, approval amount was for 150,000 I am sorry but I can't remember exactly what the house payment amount was. However, I signed a contract for( 78000 +PMI 1591.00)= 79,591.00 @3.875% and with my GFE statement my estimated payments are Insurance ($722), taxes ($500)housenote ( $374.27) with pmi ($12) equaling to 475.94 this an approximation. So if you were to borrow 150,000 I am guessing that your house payment will close to $750.00 and divide your insurance and taxes by 12 and that would be close to what your payments will be. My appraisal was done on Thursday so I am not sure as to what my house appraised for but am looking to roll my closing cost into my loan amount and the seller is willing to pay up to $7000.00 in repairs.