I went through a very trying divorce many years back, 10 years, and had a home go to foreclosure. Lately the past five years business has been great and I currently make about 120 thousand a year income, hardly no bills, great debt to income ratio, and I have done a little to repair my past credit problems, now with a beacon score in the low to mid 600′s. So I am capable of a decent down payment, do you think it possible to get a mortgage? I would like to find out how much I am capable of financing so that I can then shoop for a home.
With your score you can find financing with a 10% down payment! stear clear of lending tree and sites like them! they are not lenders they are marketing companies they sell your information to many brokers! you will not get the best deal there.
as far as qualifying lets say you make 120 k and your bills currently is 1000.00 a month
its safe to say you could qualify for a 400k home
i factored in
300 per month for insurance
300 for taxes
300 for pmi or hoa
your still well with in guidelines
here is a link to a site that lets you factor in your bills and see what you can qualify for
go to loan qualifyer on page!
http://www.directlendingplanet.com/loan_calculators.html
Well, as far as I know, Your beacon score isnt that bad. You can try different sites like lending tree. They are usually pretty decent. Also, try your bank. They know you better than just anyone due to working with your finances so they know what you can afford.
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How much you can finance is not really the issue what you are comfortable affording is a better criteria.
So, usually about 2 1/2 times your annual salary for the house price. Remember many factors go into that equation.
Go find a broker and start planning you may need to bring the score a smidge more and he or she can tell you how and what will matter.
Added
I disagree in these markets 600-650 is not really that good of a score, yesterday perhaps but not today. Could you get the loan possibly with a high interest rate!
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You will be able to find a mortgage with that score. You may not obtain the absolutely best rates, but you will have no problems.
Please don’t go to those that will email you and spam in here for business. No lending professional would stoop to such tactics. Also, it is wise to use local lenders in your area rather than internet lenders, who won’t know about local programs that may be available to you and don’t care if you are a satisfied customer or not.
Good luck!
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Oregon Realtor
Hi,
Yes, this is the right time. You can buy a nice home with less budget as real estate is down and it turned out to be a buyers’ market. Checkout http://mortgage.creditmortgagepro.com for some useful info and tips. Good luck!
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Home Financing: http://homefunding.consumerplanet.info
I would suggest not buying a home untill you are out of debt. With that kind of income, paying off your debts should be no problem. Then save 20% for a down payment to avoid PMI payments.
This does many things: Mortgage companies love to see that you have no debts, your credit score will sky rocket, and going into a house with no debt is financial freedom. Eventually you will have all that extra $$$ you used to have for paying debts, to paying off the house faster. Then you’ll be making $120k to do anything you want with it. Your ex will be wishing she never left you.
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contact http://www.jcreed.com... see if they can help you finance a home… easy people to work with
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With your score you can find financing with a 10% down payment! stear clear of lending tree and sites like them! they are not lenders they are marketing companies they sell your information to many brokers! you will not get the best deal there.
as far as qualifying lets say you make 120 k and your bills currently is 1000.00 a month
its safe to say you could qualify for a 400k home
i factored in
300 per month for insurance
300 for taxes
300 for pmi or hoa
your still well with in guidelines
here is a link to a site that lets you factor in your bills and see what you can qualify for
go to loan qualifyer on page!
http://www.directlendingplanet.com/loan_calculators.html
References :
http://www.directlendingplanet.com
With your credit score and your income and assuming that you can put down 20% and still have two to six months reserves in the bank, and that you’ve got no other bills, and that you’ve got a couple years worth of tax returns to back up your income, you should be able to swing a loan of around 500k. Please not however that this is making a LOT of assumptions and the only way to really know for sure is to have an experienced broker take a loan application with you and run through the numbers. I would suggest also that if you are looking for a home in the 100-200k range that you check out an FHA lender as FHA rates are fantastic and there are some great programs for first-time home buyers (SURPRISE, you qualify as a first time home buyer!).
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I work as a Commercial and Residential Mortgage Broker
Check out http://www.mortgagefigure.com there is lots of information on mortgages, refinancing, consolidation, bad credit mortgages, etc and may be able to help you.
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