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real estate question

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Anonymous
Not applicable

real estate question

Is it possible to get a loan for 140,000 on a 35000 dollar income.  I have no debts.  I am also in a longterm relationship. I know I will be able to afford it.  My boyfriend's credit is not very good.  I have spoken to people who have said they would go as far as 41% of my income.
Message 1 of 10
9 REPLIES 9
dangphuocloc72
Frequent Contributor

Re: real estate question

what's your score now ? where do you live ?
 


Message Edited by dangphuocloc72 on 12-11-2007 06:53 PM
Message 2 of 10
Anonymous
Not applicable

Re: real estate question

It is at 622 but I am working on getting that up alot more.  I live in Arkansas. I will have about 7,000 to put down.  I was also wondering about any down payment assistance programs.
Message 3 of 10
dangphuocloc72
Frequent Contributor

Re: real estate question

Smiley Happy IF YOU LIVE IN VA , MY FRIEND THEY CAN DO IT .
Message 4 of 10
ShanetheMortgageMan
Super Contributor

Re: real estate question

Your debt to income ratio looks good... on $140k of mortgage, with FHA, your debt ratio would be around 43%, which qualifies quite often.  How has your credit been for the last 24 months?  If there are derogs, when were they?  Do you have 3 trade lines of 12 months of on time payments?
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 5 of 10
Anonymous
Not applicable

Re: real estate question



laronda134 wrote:
Is it possible to get a loan for 140,000 on a 35000 dollar income.  I have no debts.  I am also in a longterm relationship. I know I will be able to afford it.  My boyfriend's credit is not very good.  I have spoken to people who have said they would go as far as 41% of my income.


Go to www.hud.gov.  They have the names and address of the first time home buyers programs and down payment grants for each state.  Not knowing what the HUD median income limit for Arkansas is I would guess your salary will qualify you.  Since these grants are income eligible you will most likely have to purchase the home by yourself to meet them.  This could be a good thing since your not married yet and wont have to worry about the house if by chance you break up for some reason.  Just remember not to mention the boyfriend because they will count his income unless he's unemployed
Message 6 of 10
Anonymous
Not applicable

Re: real estate question

I have several positive tradelines, all installment loans(car note, student loans, personal loans)  that is probably why my credit score is 622. I have been working on my credit since 2005 and thought I did not need a credit card. I was wrong.  The most recent collection I had was from Oct 2006 for an AT&t bill, I have already  paid it and thought I would try a goodwill letter to have it removed.  I could easily make more money by me being a nurse but I like to be home taking care of my family.  I also have an old direct ty bill from 2001 that went to collections and something  from sprint Afni bloom that is reporting 120+ days late  also from 2001. For some reasons those people at CRAS keep putting someone elses collections on my credit report. It is always the same person.  They never accidently put anything good on there.  Anyway I plan on buying in April or may  since the few collections I have are going to fall off right before then.
Do they have any special programs for nurses. Any help would be appreciated.  Thanks
Message 7 of 10
ShanetheMortgageMan
Super Contributor

Re: real estate question

Steelfan that's not quite being honest, if you live with someone in the same household & they make income, you must disclose it.. these programs are not for people to take advantage of, they are in place to help out those who need help based on certain circumstances.  Really, FHA is going to be one of the best options you can find these days... but Bank of America does offer a "MedicalFlex" loan program where people in the medical industry may purchase a home, it has pretty strict underwriting guidelines, but you may be able to meet them.  Sounds like you should be fine for FHA.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 8 of 10
Anonymous
Not applicable

Re: real estate question

i never said that we live together.  Maybe at some point.  I had just wanted to use his income, but if i don't need it then I won't worry about it. Shane I was wondering is it better to get a mortage broker before I buy or shoul i just go straight to the bank to see what my options are?  Thanks
Message 9 of 10
ShanetheMortgageMan
Super Contributor

Re: real estate question

Ah, well if you don't live together then it's a non-issue... those types of local down payment assistance programs consider the household income, not income of people you are in relationships with but don't live together.  I think you should talk to both a bank and a mortgage broker to see what your options would be, there is nothing that says you can't talk to both... plus it gives you a chance to compare the differences, in terms & service.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 10 of 10
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