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Started By
Message
Will I be approved?
Posted on 1/22/14 at 1:17 pm
Posted on 1/22/14 at 1:17 pm
Just applied to get pre approved for $136,900, 30 year mortgage.
Checked today and my average credit score between all 3 bureaus is 742.
First time home buyer and I've been out of school and employed for 1 and 1/2 years.
Checked today and my average credit score between all 3 bureaus is 742.
First time home buyer and I've been out of school and employed for 1 and 1/2 years.
9
Posted on 1/22/14 at 1:18 pm to LSUengineer12
Well, how much do you make?
Posted on 1/22/14 at 1:19 pm to HeadyMurphey
58k
This post was edited on 1/22/14 at 1:19 pm
Posted on 1/22/14 at 1:19 pm to LSUengineer12
quote:
First time home buyer and I've been out of school and employed for 1 and 1/2 years.
First job out of school? Been with one employer?
Whats your debt to income ratio?
How much you putting down?
Posted on 1/22/14 at 1:21 pm to LSUengineer12
Yes you will. I assume you have 20% down payment.
Posted on 1/22/14 at 1:22 pm to LSUengineer12
I would think so as long as you don't have a mountain of debt.
Posted on 1/22/14 at 1:27 pm to Lsut81
quote:
First job out of school? Been with one employer?
2nd job out of school.
quote:
Whats your debt to income ratio?
69% (Truck loan from a truck I bought back in July) - ETA: this is debt to credit ratio. sorry.
Debt to income is around 10% before taxes and 15% after.
quote:
How much you putting down?
It's a homepath loan, so I can put as low as 5% down, but I'd put 10%
This post was edited on 1/22/14 at 1:31 pm
Posted on 1/22/14 at 1:30 pm to LSUengineer12
quote:
69% (Truck loan from a truck I bought back in July)
DTI is usually calculated based on your monthly payments servicing the debt vs. your gross.
Posted on 1/22/14 at 1:30 pm to LSUengineer12
quote:
69% (Truck loan from a truck I bought back in July)
I hope you mean 31%?
Posted on 1/22/14 at 1:31 pm to LSUengineer12
If I bought a house for that amount here I'd be living in the ninth Ward. Sucks
Posted on 1/22/14 at 1:32 pm to Oenophile Brah
I updated.
Posted on 1/22/14 at 1:37 pm to LSUengineer12
quote:
2nd job out of school.
You should... Since you went straight from school to work. There isn't any lag between the jobs, is there? If there is, the underwriter is going to need good documentation as to what you were doing during that time frame. They wanna see 2yrs of consistent employment.
quote:
Debt to income is around 10% before taxes and 15% after.
I think an FHA limit is around 35-38%, so if the mortgage keeps you under that, you are good.
quote:
It's a homepath loan, so I can put as low as 5% down, but I'd put 10%
You have to figure in PMI as part of your debt/income ratio.
Posted on 1/22/14 at 1:42 pm to Lsut81
Started working part time for 1st company in May '12. Graduated in August. Left in April, been at 2nd job ever since. No lag
with mortgage it'd be around 23%
There is no PMI for a homepath renovation loan
with mortgage it'd be around 23%
There is no PMI for a homepath renovation loan
This post was edited on 1/22/14 at 1:43 pm
Posted on 1/22/14 at 1:44 pm to LSUengineer12
quote:
There is no PMI for a homepath renovation loan
Oh, skipped over its homepath... Whats the rate they are giving you? Its usually 1% or a little bit more higher than a normal loan.
Get the homepath and then have the house appraised 3 months later. You should have the 20% equity built in... Refinance to a lower rate... Profit
Posted on 1/22/14 at 1:51 pm to Lsut81
quote:
Get the homepath and then have the house appraised 3 months later. You should have the 20% equity built in... Refinance to a lower rate... Profit
That's actually part of the whole process.
Just hoping to get pre-approved so I can make an offer!
Posted on 1/22/14 at 1:55 pm to LSUengineer12
quote:
It's a homepath loan, so I can put as low as 5% down, but I'd put 10%
stick with putting the 5% down and keep that extra 5% for a rainy day funds that you will need on a 137k house.
This post was edited on 1/22/14 at 1:56 pm
Posted on 1/22/14 at 1:59 pm to LSUengineer12
quote:
Just hoping to get pre-approved so I can make an offer!
You will definitely be approved with your scores and income.
Posted on 1/22/14 at 1:59 pm to LSUengineer12
quote:
Just hoping to get pre-approved so I can make an offer
I'm not familiar with Homepath, but you don't need pre-approval to put in an offer.
It is suggested but not required.
Posted on 1/22/14 at 1:59 pm to Oenophile Brah
quote:
I'm not familiar with Homepath, but you don't need pre-approval to put in an offer.
I believe so... Since its a Fannie/Freddie owned home.
But the nice thing, closing costs are covered.
This post was edited on 1/22/14 at 2:00 pm
Posted on 1/22/14 at 2:08 pm to LSUengineer12
quote:
Will I be approved?
YES
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