cancel
Showing results for 
Search instead for 
Did you mean: 

Need Help....Mortgage App

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
New Member

Need Help....Mortgage App

Hello Everyone - I am a first time home buyer and thinking of applying for a pre qalification to see if and how much I can be approved for.

 

My mortgage fico from this site is a mid 630, my salary is 87K with 4years at the same company, I have saved 25K for a down payment. I have a student loan monthly payment of $100.00 with a balance of 15K. And 2 credit cards (of which one is 12 years old) with a utilization of 10%. I have no car note.

 

How much do you guys think I can be approved for?

 

 

What should my next step be?

 

Thank you eveyone for your replies. 

Message 1 of 9
8 REPLIES 8
Highlighted
New Member

Re: Need Help....Mortgage App

Any body out here who can help?

 

 

Thanks

Message 2 of 9
Established Contributor

Re: Need Help....Mortgage App

What's the payments on the 2 cards


@Safe789 wrote:

Hello Everyone - I am a first time home buyer and thinking of applying for a pre qalification to see if and how much I can be approved for.

 

My mortgage fico from this site is a mid 630, my salary is 87K with 4years at the same company, I have saved 25K for a down payment. I have a student loan monthly payment of $100.00 with a balance of 15K. And 2 credit cards (of which one is 12 years old) with a utilization of 10%. I have no car note.

 

How much do you guys think I can be approved for?

 

 

What should my next step be?

 

Thank you eveyone for your replies. 


 

" EX 698 EQ 701 TU 707 MMS 705"
Message 3 of 9
Highlighted
New Member

Re: Need Help....Mortgage App

The payments on both cards combined are $150 a month.

Message 4 of 9
Highlighted
Established Contributor

Re: Need Help....Mortgage App

How much were you looking for, based on your information I'd say 500k (unless you're in an area that has high tax rate) but at 5% down that would eat up what you saved and still need money for closing costs unless it's a new build and builder is paying a %.  You'd probably be looking at FHA because Conventional has a 3% program but needs a mid score of 680.  Talk with a LO and see what he thinks, that's your next step


@Safe789 wrote:

The payments on both cards combined are $150 a month.


 

" EX 698 EQ 701 TU 707 MMS 705"
Message 5 of 9
Highlighted
New Member

Re: Need Help....Mortgage App

Thank you for the reply. I am looking at purchase price between 330 - 350K, and going with FHA (Down 3.5%) Th ehouse is a new build but I dont know if the lender would cover any closing costs. How would I go about finding a good loan officer in my area, (Dallas, Texas)?

 

Thanks 

Message 6 of 9
Highlighted
Established Contributor

Re: Need Help....Mortgage App

should be able to help out or other mortgage guys in that area, I'm in the Phoenix area.  Stay away from the big banks and deal with direct lender, good luck!

" EX 698 EQ 701 TU 707 MMS 705"
Message 7 of 9
Highlighted
Established Contributor

Re: Need Help....Mortgage App

Congrats, you have positioned yourself really well to purchase your first home. Nice job!!

 

Talk to SEVERAL loan officers and a couple of local credit unions. If you have parents or a trusted advisor, run it all by them as well. Loan officers are sales people, some know a lot and some think they know a lot. You have a sizeable down and I would trust working with a credit union and building a long term relationship. My personal tip is NOT to get a loan officer referral from your real estate agent. 

 

Talk to different lenders, get fully pre-approved (not a pre-qualification that is useless) and then look for your new home. A full pre-approval really puts you in the drivers seat when making an offer, since the work is already done. The lender can tell you exactly what you qualify for and then you may want to go lower as it's your first home and there are always unexpected expenses.

 

All the best!!

 

Smiley Happy

 

 

 

Chapter 7: Discharged November 2015
11/15 Fico 8: EQ-585, TU-550, EX- 551
07/16 Fico 8: EQ-703, TU-695, EX- 660
09/16 Post App Spree Fico 8: EQ-675, TU-675, EX-663
Cap One Platinum $2K>$4K, Cap One Quicksilver $3K, Discover $1,600, SPGVisa $4500, Red Roof Inn Siggy Visa $5K, Good Sam/Camping World Visa $1800, Overstock $7K, Lowe's $6K, NFCU Cash Rewards Visa $4600, NFCU CLOC $15K, PenFed Promise Visa $10,500, Evine $1K, CreditOne Visa $600|Total CL: $153K
Garden until September 2018 (I'll be in the pumpkin patch)!seedling-transparent.png

Message 8 of 9
Highlighted
Valued Contributor

Re: Need Help....Mortgage App

I disagree with the not asking your real estate agent about loan officer referrals. When I was buying my agent gave me 2 referrals and I got 2 from other sources. I interviewed all of them and ended up going with one from my real estate agent. The guy was fantastic and had no issues during the process.
My advice would be to interview all the loan officers you get referrals for.
Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.