cancel
Showing results for 
Search instead for 
Did you mean: 

Need Mortgage

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

Need Mortgage

Guys,
 
I'd like to apply for a mortgage sometime in March of 08 (near end of my apartment lease).  My vitals are as follows:
 
Equifax FICO: 671 (and climbing)
Debt = $462/month (mostly student loans)
Income = $4910/month
Savings: $5000
(2) years in current job since I graduated from college in same field.
No deliquent credit accounts (no late payments).
 
I live in an expensive market (Seattle) and would like a $250,000 loan for my first home.  I'd like a 0 down loan to keep my savings for emergencies.
 
What are my chances of getting a 250K loan at a decent interest rate.  I'd like to keep my total PITI payment around $1800.
 
How possible is this?
 
Any advice is greatly appreciated.
 
Thanks
Message 1 of 4
3 REPLIES 3
Community Leader
Super Contributor

Re: Need Mortgage

Hi chuy,
 
You probably can qualify just fine right now for 100% financing, good credit, good reserves, down payment is still optional... however your debt ratio is a hair over the 45% limit that most lenders have.  Doesn't mean that a debt ratio over 45% can't qualify, but generally it's best to get it to 45% or below.  Is there any credit card debt you can concentrate on paying down?  Additionally, if you paid the credit card debt down your score would likely go over 680, which can give you some more options.
Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 2 of 4
Member

Re: Need Mortgage

Awesome.
 
Thanks for the advice MortageMan.
 
Yes I intend to have all credit card debt paid off by the time I apply for the loan.  My student loans are high though at $46,000 with $315/month.  But that would be my only debt.  No car payments, cc's, or any other.  I think this would pull me below the 45% DTI ratio.
 
Around here,  Under $230K gets you into a condo or a real project of a house.  On-line mortgage calculators show that lenders would only lend me about $140K with the exact info I posted. 
 
 
Message 3 of 4
Community Leader
Super Contributor

Re: Need Mortgage

With just $315/mo your debt ratio should be below 45%, so that's a good plan.  Yeah those online mortgage calculators really don't take into consideration as much info as a loan officer does.
Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.