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Hi guys,
I would like to apply for my first mortgage this year, right now I am renting. I would like to apply for a Conventional Loan, 30y fixed. Could you please help me to determine if this is possible…
Salary $103.000 (Employment W2)
Credit
Property
I played around with some mortgage calculators and when I put in the above numbers I get the following monthly payment:
1805 Principal/Interest
600 Property Tax
100 Insurance
140 PMI
300 HOA
2945 Total
Front DTI 35.0%
Back DTI 38.4%
Let me know if you need more information. Thanks.
Hi Gercredit,
Everything looks good.
The numbers you're using for PI & for PMI look to be on the high side. For example: I'm showing the PMI would be $53.83 per month & your PI would be $1,748.07. You can also buy out your PMI at closing & eliminate it altogether.
Good Luck.
Great thanks for your fast reply. For your information I have used a interest rate of 4.8 for this calculation. The reason for that is that I will not be able to apply before May/June because of my current lease and I wanted to be on the saver side in case the interest rates are rising in the meanwhile. For the PMI I used estimates as I had no idea
Do you see any problem with my DTI?
Front seems to be on the higher side but Back should be perfect right?
@gercredit wrote:Great thanks for your fast reply. For your information I have used a interest rate of 4.8 for this calculation. The reason for that is that I will not be able to apply before May/June because of my current lease and I wanted to be on the saver side in case the interest rates are rising in the meanwhile. For the PMI I used estimates as I had no idea
Do you see any problem with my DTI?
Front seems to be on the higher side but Back should be perfect right?
No, your DTI looks fine.
Looks like a piece of cake loan. You appear to be a perfect candidate with multiple options available to you.
Best wishes to you!