new2this Posted December 3, 2003 Report Share Posted December 3, 2003 I'd like to put out my feelers and see how much home I can qualify for. I'd like to contact Citibank, Discover, State Farm, Lending Tree and my local bank. Are there any others you all would recommend I apply to? I'd like to get the best deal overall. Link to comment Share on other sites More sharing options...
amortgageman Posted December 3, 2003 Report Share Posted December 3, 2003 The qualification part is easy. You can do this right here. Spill the details.Job History? Total income? (Do not include part time, or non steady income) Total monthly debt obligations? Down payment available? Credit Scores (If known)? Adverse Credit?That should get us started. If you are not comfortable publishing this you can PM me and I can still answer.Whatever you do, do not get the LENDING TREE. It has these wicked branches, that will get you 4, then 16, then 256 etc. credit offers within weeks .You know what, you could start with the mortgage calculators here www.paramountmortgages.com Link to comment Share on other sites More sharing options...
willtygart Posted December 4, 2003 Report Share Posted December 4, 2003 I would do all but lending tree. A lender has to pay 25k to sign up and then pay lending tree a "closed loan" fee on all of their closed loans. Who pays for this? You bet you do! Another good site would be www.mtgprofessor.com and look under the "upfront mortgage brokers/lenders" list. Good Luck! Link to comment Share on other sites More sharing options...
new2this Posted December 4, 2003 Author Report Share Posted December 4, 2003 I guess what I really mean is I want to be pre-appoved. I want to know if I find house for X amount, I will be able to purchase it basically check in hand.scores: TU 684, EQ 765 and EX 792. income: 47000; 61000 if you count 1 year part-time income which may be able to be counted because technically I'm working for another department of my full-time employer.job history: 8 years with same employermonthly debt obligations: $133; just paid off all other creditDown payment available; Literally nothing; I could pull together about 5000 in a bind. I could also save about 1000 per month while I'm lookingAdverse credit: One collecton for like $120 on TU only. I will pay it one day, I promise Link to comment Share on other sites More sharing options...
new2this Posted December 8, 2003 Author Report Share Posted December 8, 2003 bump Link to comment Share on other sites More sharing options...
chingasaholo Posted December 9, 2003 Report Share Posted December 9, 2003 you are looking good, scores are good and debt is fine...........I think the mortgage guys will say the same.JL Link to comment Share on other sites More sharing options...
admin Posted December 9, 2003 Report Share Posted December 9, 2003 Hey you, no time no see - what's happening, my former AZ resident. Link to comment Share on other sites More sharing options...
chingasaholo Posted December 10, 2003 Report Share Posted December 10, 2003 actually, I'm really cool now it's snowing here in D.C. off an on...it's just damn cold! Link to comment Share on other sites More sharing options...
chingasaholo Posted December 11, 2003 Report Share Posted December 11, 2003 I'm coming to AZ for a brief stop at christmas on my way to CA. Will be nice to feel some dry, warm air if only for a day! Link to comment Share on other sites More sharing options...
amortgageman Posted December 11, 2003 Report Share Posted December 11, 2003 New2this,First, let me apologize. I tried to PM you with this message. I noticed it still sitting in the outbox.There should be no problem with your credit scores as far as getting an approval for a loan. Your file will slide right through the underwritinfg systems most brokers use.You do have a unique situation regarding your income, and whether the part time will be counted. Is this income expected to continue for at least two years? Will your employer document this for you when the employment verification is filled out? One big positive will be your year end W2. If the income is all combined, and you do not receive a separate W2, this income may get counted. Normally, part time income cannot be included, unless it has a two year history. So, for simple purposes, we will go from your $47,000 income.This amount gives you a $3900.00 monthly income. Conventional underwriting will allow 28% of this figure for housing expense. Roughly $1,100.00/mo. With an estimate for taxes and insurance @ $250.00/mo, you will be able to qualify for $850.00/mo for house payment. At 6% interest, this will give you a purchase price/ loan amount of around $140,000. To avoid MIP you will want an 80% first mortgage, and then obtain a second mortgage or Home Equity Line of Credit for the remaining 20% The rates are lower with a HELOC and your credit scores.If there is adequate housing available for that amount, your loan will be real easy. There are also programs in the A- loans that will let you borrow up to 103%- 107% value on the purchase, for a minimal increase in rate. Another route you may wish to consider (working with little down payment) may be FHA. (You were right you will pay this collection off to qualify). They have more lenient guidelines regarding the down payment, and you may squeeze in with $5,000 down payment (most likely). This is where house shopping is going to come into play. You will want to seek "seller concessions" when submitting offers for your home. FHA will allow the seller to participate in a gift program like NEHEMIAH, Partners in Charity, or a host of other programs, where the seller signs up for $500.00 to $700.00. The seller will gift this money to the charity (at closing), and the charity will help by paying up to 6% of your down payment and closing costs.If the $140,000 figure will not get you the house you want, then you will need to go a more lenient route. Subprime will allow your debt ratios to go to 50% or higher, and you could easily qualify for $175,000-$180,000. Interest Only loans can also be obtained, but I only recommend these to help eliminate the second mortgage sooner or a few other circumstances. Everything looks real good as far as qualifying. If you should have anymore questions, feel free to ask.Bruce Makeramortgageman Link to comment Share on other sites More sharing options...
new2this Posted December 13, 2003 Author Report Share Posted December 13, 2003 Thanks!! Link to comment Share on other sites More sharing options...
Recommended Posts