marisakay Posted June 8, 2003 Report Share Posted June 8, 2003 I know this is off credit subject but we are planning on buying a house in the near future and I was curious if the online calculators are correct on what a lender will loan you? I have heard that they loan you way more then you can afford. So are these calculators a good estimate of what they will approve you for? it seems like many i know did them and said they could afford like for example a 50,000 dollar house but they got preapproved for like 110,000...any ideas on this? thanks!!! Link to comment Share on other sites More sharing options...
laura66 Posted June 8, 2003 Report Share Posted June 8, 2003 From what I've seen, most of the mortgage affordability calculators are CONSERVATIVE estimates. However, alot of mortgage lenders are currently pretty aggressive. Additionally, there are numerous programs that are stated income only. My good friend is a mortgage broker and she says one of her most popular programs is a stated income program; however you need a FICO of at least 680 to qualify, and the interest is 6.25%. Link to comment Share on other sites More sharing options...
marisakay Posted June 8, 2003 Author Report Share Posted June 8, 2003 whats a stated income program? we are going to apply only w DH since I dont work and his credit is good..his FICO is 705. i have never heard of it before ...thanks! and I am dumb, does conservative estimate mean a lower estimate? Link to comment Share on other sites More sharing options...
ADSOFT Posted June 8, 2003 Report Share Posted June 8, 2003 <blockquote>Originally posted by marisakaywhats a stated income program? we are going to apply only w DH since I dont work and his credit is good..his FICO is 705. i have never heard of it before ...thanks! and I am dumb, does conservative estimate mean a lower estimate?</blockquote>A stated income mortgage program is one in which you don't have to provide income taxes and/or W-2. Usually, you have alot of equity in your home. And, you are going to have to provide checking account sttatements for 1-2 yrs.Are you refing??? Link to comment Share on other sites More sharing options...
marisakay Posted June 8, 2003 Author Report Share Posted June 8, 2003 no we are not refinaNCING, this will be our first home. Link to comment Share on other sites More sharing options...
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