Please help, would I qualify for this mortgage?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
From the information you have supplied you might not have to place a down payment on your purchase as with your credit score you can qualify for a 100% mortgage. Talk it over with your mortgage broker, but if it was me I would take the 100% loan and leave my money in the bank, unless you just want to make the down payment for some reason.
Your qualifications will be based on your credit score, something called a debt ration that your mortgage broker can explain to you. Also the amount of monthly debts you have on your credit report vs the amount of your monthly income.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Please help, would I qualify for this mortgage?First step is to go to a lender (bank or mortgage company) and tell them you would like to be PRE -QUALIFIED for a home loan. They will take your application, do a credit check, then tell you the amount you can afford for a mortgage. They take into consideration utility bills, credit cards, loans, basic needs, repairs, taxes, insurances, etc...this will give you a guide line as to what type of mortgage best suits your needs and also how much money you qualify for. There are programs for first time home buyers...so look into that as you won't be required to put down such a large down payment. Good luck to you and your wife!
Please help, would I qualify for this mortgage?First I can qualify you for an 80/15/5 mortgage. It will be tight with the bottom portion of your Debt-to-Income. I can give you a first loan of $440,000 with a payment of $2,781.10 and a 2nd mortgage for $82,500 with a payment of $689.19. If you include taxes and insurance the rough estimated payment total will be approx. $4,287.29. I have many lenders that I deal with. I am only licensed in the state of PA. Where is the property located? If this is where you want to be and your in PA contact me at ssalzman@freemortgagehelper.com
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