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Interested in a home , first time buyer.. help.

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Interested in a home , first time buyer.. help.

Hello everyone , I am new here so I have a few questions about buying a home for a first time basically if my scores are strong enough to get approved or have to get them higher My fico 8 credit scores are Equifax (807) , Transunion (794) , Experian (798) , and my fico scores 25,4, and 2 are Equifax (781) , Transunion (759) ,  Experian (782) , and on top of that I have 2 auto loans financed right now as well ones 30k & the other 34k still , so pretty much what are my approval oddds? Also had my only credit card at 8,200 of 26,900 credit limit but I paid it off last week so that is at 0 & my only credit card.

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Regular Contributor

Re: Interested in a home , first time buyer.. help.

Any help? Thanks



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Regular Contributor

Re: Interested in a home , first time buyer.. help.

Your scores are fine but what is your income and how much of a down payment would you have?

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Member

Re: Interested in a home , first time buyer.. help.

It is 65k year , 25k downpayment ?
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Regular Contributor

Re: Interested in a home , first time buyer.. help.

I should have asked you this before but what price range are you looking into for your home?

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Regular Contributor

Re: Interested in a home , first time buyer.. help.

Well , I do live in California . In the area I live houses range from 400-700k no less unless you’re buying a really bad home . So honestly , I wouldn’t know . Was thinking 500k maybe 6?



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Re: Interested in a home , first time buyer.. help.

Your monthly income is $5400 what are your pmts on those 2 cars and minimum pmt on other debt? Student Loans????
You need to sit down with a local lender who is recommended by friend, family or co-workers and have a reality check and come up with a game plan as to what you CAN do. Do you have a significant other who also has a monthly income?

Great FICO scores can not over come or negate your DTI.
Message 7 of 15
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Re: Interested in a home , first time buyer.. help.

You can search online for mortgage calculators but I just entered those numbers to get some ballpark figures. A $500k home with $25k down will cost you right at $3k per month (includes property taxes, mortgage insurance & home owners insurance). The standard DTI goals for mortgage approval are 31% front end/ 43% back end. That means that the monthly cost of your mortgage ($3k) cannot be more than 31% of your gross monthly income. In order to get approved for a mortgage with a monthly payment of $3k your monthly gross income will need to be around $9,700. There can be some wiggle room depending on lenders however you will need to be somewhat close to that. 

 

 

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Re: Interested in a home , first time buyer.. help.


@JVille wrote:
Your monthly income is $5400 what are your pmts on those 2 cars and minimum pmt on other debt? Student Loans????
You need to sit down with a local lender who is recommended by friend, family or co-workers and have a reality check and come up with a game plan as to what you CAN do. Do you have a significant other who also has a monthly income?

Great FICO scores can not over come or negate your DTI.

700 on both , so about 1,400 ... no other debt right now just those 2 auto loans , no student debt. Yes , my wifes income .

Message 9 of 15
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Re: Interested in a home , first time buyer.. help.


@MazeSD619 wrote:

You can search online for mortgage calculators but I just entered those numbers to get some ballpark figures. A $500k home with $25k down will cost you right at $3k per month (includes property taxes, mortgage insurance & home owners insurance). The standard DTI goals for mortgage approval are 31% front end/ 43% back end. That means that the monthly cost of your mortgage ($3k) cannot be more than 31% of your gross monthly income. In order to get approved for a mortgage with a monthly payment of $3k your monthly gross income will need to be around $9,700. There can be some wiggle room depending on lenders however you will need to be somewhat close to that. 

 

 


thank you

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