Mortgage Chances

[gercredit]

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

• FICO 760 (don’t have Mortgage scores)
• No credit negatives
• Monthly $280 Car Payment
• CC Paid in Full every month
• No Student Loan Debt

Property

• $400.000 (HOA will be between $200 - $400)
• Down Payment $60.000 [15%] (More would be available in 401k if necessary)
• Condo or Townhome
• Chicago, IL

 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.

[VALoanMaster]

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.

[gercredit]

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?

[VALoanMaster]

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@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.

[homeloanexpert]

Looks like a piece of cake loan. You appear to be a perfect candidate with multiple options available to you.

Best wishes to you!