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Will I qualify and for how much?

tag
ibull
Established Member

Will I qualify and for how much?

Thanks in advance for the answers.

 

General inquiry of if/how much would I qualify for.

 

Current plan is to rent for another year saving a bigger down payment, then purchase in 2016.  I'd like a house but in the area I'm looking it seems you have to spend about $300k to get what I would want.  Also, with rent going up again I'm wondering if I should try to purchase a townhouse for less sooner.  Live in it for a year or two then turn it into a rental property. (Rent is $1500)

 

  1. Credit.  All myFICO mortage:  EX = 703 EQ = 709 TU =695  | One Negative:  Auto Repo in 2011 - $0 balance - Charged off | AAOA 7years | 14 accounts in good standing with no negatives (Student Loans, credit cards and other auto loans) 
  2. Income.  $82k Salary + 20% bonus.  3 months at current job. 2015 W2 will be around 75-80k (time off in between jobs)  2014 W2 = 75k  4 years at that job 8 years in industy
  3. Monthly debt payments.  Total = 1100 | Student Loans = 800 Car=300 CC=0
  4. Assets/Reserves.  $20k
  5. Location.  South Florida - Broward County
  6. Property.  Townhouse or SFH
  7. Value.  Townhouse = ~200k SFH = ~300k
  8. Occupancy.  Primary residence, if townhouse then turn into rental
  9. Transaction Type.  Purchase

 Main concern is the 2011 auto negative, it's not settled even though it shows a $0 balance.  Will I need to settle this before applying for a mortage?  Or could I qualify before.  Also, do I need to get more time in at my current job since it is so new.

 

 

 

 

Message 1 of 9
8 REPLIES 8
sports1965
Frequent Contributor

Re: Will I qualify and for how much?

is current job in the same field as previous job?

Message 2 of 9
ibull
Established Member

Re: Will I qualify and for how much?

Yes


@sports1965 wrote:

is current job in the same field as previous job?


 

Message 3 of 9
sports1965
Frequent Contributor

Re: Will I qualify and for how much?

where did u get those scores from?

because your new job is the same field your good to go as far as your job is concerned

how much do u have to put down?

taxes and insurance in your area?

Message 4 of 9
ibull
Established Member

Re: Will I qualify and for how much?

-They are all from myFICO - Mortgage versions

-~$10k now, double that in a year

-Not sure on taxes and insurance

 

Message 5 of 9
sports1965
Frequent Contributor

Re: Will I qualify and for how much?

without knowing what your taxes and insurance are going to be its diificult to calculate how much you can afford ,but i can tell you theres no way you can buy/afford an $300000 home roght now

Message 6 of 9
Anonymous
Not applicable

Re: Will I qualify and for how much?


@sports1965 wrote:

without knowing what your taxes and insurance are going to be its diificult to calculate how much you can afford ,but i can tell you theres no way you can buy/afford an $300000 home roght now


I wouldn't necessarily say no chance. 300k will put your backend debt-to-income ratio really tight, but you could probably get close... especially with an FHA loan. The monthly student loan payment is hurting you the most. Can you restructure your student debts into a graduated repayment plan to lower your monthly student loan payment? 

Message 7 of 9
ibull
Established Member

Re: Will I qualify and for how much?


@Anonymous wrote:

@sports1965 wrote:

without knowing what your taxes and insurance are going to be its diificult to calculate how much you can afford ,but i can tell you theres no way you can buy/afford an $300000 home roght now


I wouldn't necessarily say no chance. 300k will put your backend debt-to-income ratio really tight, but you could probably get close... especially with an FHA loan. The monthly student loan payment is hurting you the most. Can you restructure your student debts into a graduated repayment plan to lower your monthly student loan payment? 


Ok, I'm not trying to get a 300k mortage right now.  Sure a year isn't that long, but my credit will be better, income will be higher, down payment will be much larger and I might have a 2nd income to add.  I'm asking now to see if I should set my sights on a townhouse or a house and what price range I would qualify for.

 

Edit:  dpeezy - I just heard that there might be options to refi my student loans (sofi), haven't looked at them yet though.  And there are things I could do to lower my monthy payments (pay off small SL or pay off car) if necassary in the next year.

 

 

 

Message 8 of 9
Anonymous
Not applicable

Re: Will I qualify and for how much?

Remember, income is averaged over previous two years so it may not bring up your qualifying income as much as you'd think. And yes, you could pay one of those off, but it would take a huge chunk of your savings. If you restructure you SLs you could free up several hundred dollars in monthly debt at no cost. But that is a decision only you can make. And townhouse vs. SFR... I will always lean towards SFR. Easier to resell and no nasty HOAs. But again, it's all based on what you prefer.

Message 9 of 9
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