How Does this Mortgage Approval Look?

[Anonymous]

I haven't had a mortgage in over 10yrs so I have no clue really if this is good or not. Thought I would post it to get some advice. The broker scubbed my info pretty good for 2-3days to come up with this. Below is some basic info plus the estimate worksheet.

mid score - 690

income - $9500/mo

debt - $1100/mo

Was approved for the full $453k with 3% down (which is all I can do). This quote is on $360

thanks

[VALoanMaster]

The rate & PMI are a little on the high side. I ran some numbers & you could lower the estimated mortgage payment by $144 per month.

[DollyLama]

Is the 360k your set price or you wanting the full 453k?

I agree with VA, rates are high, do you know what next middle score tier you'd need from the broker to get a rate reduction? 

If so, are you needing preapproval now and prepared to buy within 90 days or just in the market in 6 mos or more?

[Anonymous]

we will probably fall at 360 or below. Anything above 400 is crazy with 5.1% plus pmi

forgot to mention I have to get a fannie mae due to ibr with student loans....not sur eif that makes a difference

I didn't ask about raising score. I've worked pretty hard on it for 18mo. Not sure there's a way to get it to raise quick enough. Yes, we're within 90days

[Anonymous]

yea I thought it was a little high but figured our score, only doing 3% down and the fact I have to go fannie mae due to ibr on student loans might have all effected it

thanks

[VALoanMaster]

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@Anonymous wrote:

we will probably fall at 360 or below. Anything above 400 is crazy with 5.1% plus pmi

forgot to mention I have to get a fannie mae due to ibr with student loans....not sur eif that makes a difference

I didn't ask about raising score. I've worked pretty hard on it for 18mo. Not sure there's a way to get it to raise quick enough. Yes, we're within 90days

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You don't need to raise your scores to get a lower payment, you need a new lender.