cancel
Showing results for 
Search instead for 
Did you mean: 

Do I qualify?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Member

Do I qualify?

Planning to get a home in the next 6-12 months and appreciate any input here. 
 
1. Mortgage Credit Scores:  
    • ~800
2. Credit Negatives: None
 
3. Gross Income.  ~240k
4. Source of income.  FTE salary
5. Monthly debt payments
    • 6000; 1600 is current rent, 1600 is refinanced student loan payment. 
6. Employment : Salaried, ~3 years
7. Assets/Reserves: ~40k
8. Location:  
9. Property Description: Single family home
10. Property Value: 300-400k
11. Occupancy:
    • Primary residence
12. Transaction Type.  Purchase
Message 1 of 7
6 REPLIES 6
Senior Contributor

Re: Do I qualify?

You won't have any issue getting a prime mortgage rate and are a great candidate to pay off a 30 year loan in 15 years and save a TON in interest.

Message 2 of 7
Member

Re: Do I qualify?

 


@ABCD2199 wrote:

You won't have any issue getting a prime mortgage rate and are a great candidate to pay off a 30 year loan in 15 years and save a TON in interest.


Even with the high DTI? My total debt is what worries me. Is current rent included in that calculation? I plan to transition from my rental place into the house I eventually purchase. 

Message 3 of 7
Valued Contributor

Re: Do I qualify?

Unless you plan to keep renting after youve closed (like having two homes I guess?), then no, rent is not part of DTI calculations.

 

Your presumptive mortgage payment WILL be, however. 

 

Looking back up at your original post though, your new Mortgage + Taxes + Insurance shouldnt be anywhere NEAR as much as youre renting for, at the price range quoted.  At 400k it gets close, but it drops significantly the closer to 300k you get

 

300k at 3 percent, 30 year - 1265

400k at 3 percent 30 year - 1605

 

Bigger down payment could even get you under 1000/month if you get the financed amount down to 275k or less.  And yeah I used a mortgage calculator just now.  >_>

 

 



(▀̿Ĺ̯▀̿ ̿) (⌐▀͡ ̯ʖ▀)
Message 4 of 7
Senior Contributor

Re: Do I qualify?

I didn't include your rent under the assumption you'd end your lease when you buy.

 

Your DTI is fine, even with a smaller down payment I can see no reason you'd be denied.  You're an excellent candidate and buying a home for LESS than 2.5X income is a stellar plan.

Message 5 of 7
Highlighted
Frequent Contributor

Re: Do I qualify?

Here's a DTI calculator that I've found to be quite useful:

https://www.realtor.com/mortgage/tools/affordability-calculator#summary

 

 

Message 6 of 7
Member

Re: Do I qualify?

Thanks for the replies

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.