divemedic Posted April 8, 2005 Report Share Posted April 8, 2005 Even though I have posted alot on these boards, this is my first one under the mortgages section. I am looking to buy a house. I know you get these kind of questions alot, so bear with me please.I have no negatives on my CR, except a 4 year old paid medical collection for $84. My util is 49% with a CC debt of $8800. I have 2 car loans for a total of $670 a month. I make $61K a year (about $5K a month). I pay $250 a month in child support. My credit scores are EQ636 EX640 TU 706. I am looking for a house. What kind of interest/terms/house do you think I can qualify for? Link to comment Share on other sites More sharing options...
firstsource Posted April 9, 2005 Report Share Posted April 9, 2005 What kind of/how much of a down payment do you have? How much in assets do you have? If you have the 5% to put down, with 3-5K left after that, you should be able to get a conventional loan. What price range of homes are you considering?What city do you live in? What is the tax rate? Thanks in advance.Charles Link to comment Share on other sites More sharing options...
divemedic Posted April 9, 2005 Author Report Share Posted April 9, 2005 Unfortunately I don't have much cash. Only about $4K. Prices around here are $175K to $250K for the lower priced new homes around 1200-1400 square feet and $130K to $200K for similar Townhomes or Condos.Taxes depend on where you choose to buy. Link to comment Share on other sites More sharing options...
firstsource Posted April 9, 2005 Report Share Posted April 9, 2005 Assuming that your taxes will be 1.5%, which seems to be about what they are in Orlando; Assuming that when a mortgage credit is run, your scores are 620 or above; I would suggest that you stay at 200K or less, and it should work. Charles Link to comment Share on other sites More sharing options...
tripeclipse Posted April 11, 2005 Report Share Posted April 11, 2005 Hello Divemedic,I am a Newbie here attempting to repair my credit because I actually work for a Mortgage Broker. Working as a loan officer made me realize how important my credit score was. Now as to your inquiry, There are several programs that offer 100% financing now that your credit score is actually above 640. We (the brokerage) usually just use the Mid-Score to base of our qualifications. Interest rates, however are going to be high. I am thinking somewhere between the 7s and 8s.It all depends on how you would document your income, how much you have in reserves, what kind of property it is, where it is, if it is going to be your primary residence, and the purchase price.I hope this was helpful. Link to comment Share on other sites More sharing options...
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