Financing in Kansas City>Question Details

Tracy.dinh, Home Buyer in

Can I get approved for a loan for $161,000 if my monthly income is about 1200 (after tax) plus child support $700 every week??

Asked by Tracy.dinh, Wed Mar 21, 2012

My credit and everything else is good.my 2011 w2 was a $10000 less than previous years..

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Thank You for the e-mail. I have an Ace in the hole, her name is Dawn E.Heshion, Please send her your information and she will give you an honest answer. Her online applicaton is: http://www.DawnHeshion.com. You will be very happy with this choice.
0 votes Thank Flag Link Wed Mar 21, 2012
Sorry $700 every month!!!
0 votes Thank Flag Link Wed Mar 21, 2012
Hi Tracy,

It looks like your income would support a purchase price of $161,000 if you're getting $700 per week for child support and depending on what your other monthly debts are.

Based on what you've said, your monthly income should be $4,233, right?

An FHA loan at 4% would give you a total estimated payment of $1,102 per month based on the following break down.
Principle & Interest = $754.71
Home owners insurance estimated at $60.00
Property Taxes estimated at $133.33
FHA monthly mortgage insurance at $154.12
TOTAL = $1,102 per month which is only 26% of your monthly income.
0 votes Thank Flag Link Wed Mar 21, 2012
Like the others have said, income is only a portion of waht a loan officer looks at for loan qualification. There are a number of lenders you can talk with. Three lenders that I have found to be very helpful, but not intrusive are:

Steve Jenne (816-820-3451) or Jack Ronen (913-669-0250) Community America Credit Union
Jason Lentsch (913-253-0157) National Bank Of Kansas City
Jeff Kriebel (800) 226-6308 extension 31141 Quicken Loans
0 votes Thank Flag Link Wed Mar 21, 2012
There are actually a few other factors to consider. I have multiple lenders that I work with who are trustworthy and very responsive. I would be happy to have one of them call you or I could give you the phone# for several so you can interview them before you give out too much information. Remember, just because you get a pre-approval from a lender you are not locked in to purchase with them. However, it is better for your credit score to have fewer inquiries.

If you go FHA for example, your payment would be near $1200 with a 3.5% down payment. Does that seem like an affordable payment for you?

Please contact me so we can discuss this further and I can put you in touch with one or several reputable lenders. 816-665-4102
0 votes Thank Flag Link Wed Mar 21, 2012
Loan approval depends on many things other than monthly income. Credit rating, monthly expenses, down payment funds, etc. There are many loan programs available throughout the city designed to assist first-time homebuyers. Please contact me, and I can provide you with some names of very good loan officers. 913-219-2289 or linda@lindawoodward.com
0 votes Thank Flag Link Wed Mar 21, 2012
Definitely speak with a loan officer in your area. Your Debt-to-Income looks high relative to your monthly income but a mortgage specialist could help put you on the right track. Good luck!
0 votes Thank Flag Link Wed Mar 21, 2012
I don't think you will qualify for that high but you might. Contact Robert Hastings at http://www.homeloansbyrobert.com and complete an application. Very knowledgeable lender
Web Reference: http://Www.sherrioaks.com
0 votes Thank Flag Link Wed Mar 21, 2012
This is a question for a mortgage officer. Contact one directly to see what you qualify for.
0 votes Thank Flag Link Wed Mar 21, 2012
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