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Pretty Happy this evening
Finished my application this morning and just received my pre approval. Here are some data points that might help;
Equifax MTG Pulled my Experian, Equifax and Transunion score which is 757
Monthly income is $12,083.33
Monthly expenses is $1500
Total Assets (401k) is $130,772
Total Savings account is $4875
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Approved for Maximum of 453,100.00
Loan Program: 30 year fixed-rate
Conventional Loan
Interest Rate 4.500
APR - 4.597
I'm not sure if there are other data points that would help, but if I can I will answer.
Cheers!
@355F1wrote:
Awesome!
How much are you required to put down?
I figured with $144k annual income they would offer more than the $453k!
Thanks, for a conventional I will have to put a minimum for 5% down of sales price. if I decide to go the FHA route, 3.5% but FHA will only go up to 285K.
Maybe the reason I was only offered 453K was because my AAOA is less than 5 years. To be honest, i did not ask since 453K is more than enough for what I need.
Ahh...I see.
This worried me because I am getting ready to apply for my first home loan, as well!
Monthly Income is about $10k, monthly expenses will be $600, and I was hoping for at least a $400k loan with 5% down. FICO will be above 800 with Average Age of Accounts 8years.
I will be applying next year right after taxes are filed.
@355F1wrote:Ahh...I see.
This worried me because I am getting ready to apply for my first home loan, as well!
Monthly Income is about $10k, monthly expenses will be $600, and I was hoping for at least a $400k loan with 5% down. FICO will be above 800 with Average Age of Accounts 8years.
I will be applying next year right after taxes are filed.
Sounds like you should be all set,, that is a great score.
@355F1wrote:
Awesome!
How much are you required to put down?
I figured with $144k annual income they would offer more than the $453k!
Anything more than $453,100 is jumbo territory. Different guidelines, different set of rules as well.
Oh yes! That is correct.
I think I should be fine when I submit my loan app then as I think I can build what I need for less than $450k, as I am in Arizona.
Update: having my agent put in an offer tomorow, wish me luck!
Thanks for providing the data points. Curious though why FHA would only approve 285k. Your back-end DTI is relatively low.
I was just thinking about that a few minutes ago, so I just sent an email to my Mortgage Bank and asked them. My online research shows a slightly higher amount:
-------------- Copy and paste from my email) ------------------------------------------
-----------------------
I'll keep you updated on the answer I get.