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Mortgage Chances

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Contributor

Mortgage Chances

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.

4 REPLIES 4
Valued Contributor

Re: Mortgage Chances

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.

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 2 of 5
Contributor

Re: Mortgage Chances

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 Smiley Happy

 

Do you see any problem with my DTI?

Front seems to be on the higher side but Back should be perfect right?

Message 3 of 5
Valued Contributor

Re: Mortgage Chances


@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 Smiley Happy

 

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.

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 4 of 5
Established Contributor

Re: Mortgage Chances

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

 

Best wishes to you!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 5 of 5