turkish Posted March 1, 2005 Report Share Posted March 1, 2005 ok heres what i got. 690 fico scoreno late payments in past 2 yearsa new car loan for $10,000. payments are 213.00 a month2004 W-2 is $37,000promoted:I now make close to 4,000 a month6years at same jobWhat can I expect to get approved for?I have a balance on some cards but they will be gone by the time i buy in 8 month. Just want to set myself up for good mortgage. This is new to me so im just doing my research.Can anyone help with infomation on how to go about buying a pre- community townhouse from like ryan homes in Virinia. How much can I expect to buy a new constrution townhouse from ryan homes? Link to comment Share on other sites More sharing options...
amortgageman Posted March 1, 2005 Report Share Posted March 1, 2005 Realistically, no one can come close to knowing what interest rates will be in eight months, and a 270 day lock could be costly.One other important factor is the fact that you are buying a townhome in a preconstruction stage. These may require a lender who is willing to finance unwarrantable condominiums. (this is a situation where the homeowners association has not yet been turned over to the homeowners) If the development is over 50% complete, the financing becomes a different story.Straight conforming (two years W2 earnings for proper calculation needed), you would be able to have total housing expenses of $840.00/ month. This figure includes principal, interest, property taxes, insurance, homeowners association fees, and mortgage insurance (if applicable) Link to comment Share on other sites More sharing options...
wickedlies Posted March 29, 2005 Report Share Posted March 29, 2005 Realistically, no one can come close to knowing what interest rates will be in eight months, and a 270 day lock could be costly.One other important factor is the fact that you are buying a townhome in a preconstruction stage. These may require a lender who is willing to finance unwarrantable condominiums. (this is a situation where the homeowners association has not yet been turned over to the homeowners) If the development is over 50% complete, the financing becomes a different story.Straight conforming (two years W2 earnings for proper calculation needed), you would be able to have total housing expenses of $840.00/ month. This figure includes principal, interest, property taxes, insurance, homeowners association fees, and mortgage insurance (if applicable)Non-comforming you could raise that by going with a stated income of the 4k per month. Link to comment Share on other sites More sharing options...
Recommended Posts