vickielredmo…, Home Buyer in Colorado Springs, CO

Hello, im a first time home buyer score is 650. net income is 1000. how do i find/choose a lender to work with?

Asked by vickielredmond, Colorado Springs, CO Sat Sep 22, 2012

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9
John Grossmann’s answer
Sorry to be negative, but if either your net or gross income is $1,000 a month, you are not likely to be in a position to buy a home. I would think that would be true even if you had zero credit card, auto loan and student loan debts.

If you tried to buy a home that was a few decades old, small, and priced under $100,000 you would probably have no money to pay for general maintenance and "surprises" like a blown water heater ($750 and up) or roof repair ($500 and up).
1 vote Thank Flag Link Sun Sep 23, 2012
BEST ANSWER
Lenders go off GROSS income, minus debts (monthly revolving debt mostly) and leaves a number. then that number is cut in half. Example: 2000 groos income, minus 650.00 in monthly credit debt is $1350.00 divided by 2 = $675.00. thats the max house payment you can afford. This is just a general way of seeing if you qualify.

call or text me to see what makes more sense, renting or buying 719-660-5223
0 votes Thank Flag Link Sun Sep 23, 2012
Good afternoon vickielredmond,

Your first step should be to meet with an experienced Mortgage Banker. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Mortgage Bankers provide a much higher level of service and experience and knowledge than Loan Officers who work for regular banks.


Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
Hi Vickie,
Email me directly at pamela@pamelashomes.com for a free consultation. I have a couple of lenders you need to talk with that can help. Each persons situation is different and they would be happy to show you what you need to do to become a home owner.
Pamela Weatherford
Keller Williams Clients Choice
719.661.8672
Soli Deo Gloria
0 votes Thank Flag Link Sun Sep 23, 2012
is that a weekly or monthly net?
0 votes Thank Flag Link Sun Sep 23, 2012
If you already have a realtor, trust them to recommend a lender. For the most part, they have experience various local lenders and can tell you which one will work hard for you!
0 votes Thank Flag Link Sun Sep 23, 2012
I have a couple of names of Lenders that can help you. Until you speak with a Lender and they know your situation completely, you have no idea what you can do. There's a chance you may not be able to buy right now but a good Lender will tell you what you need to do so that you can buy in the future. We all have to start from somewhere. Please let me know if I can help you with any other questions. Take care.
0 votes Thank Flag Link Sat Sep 22, 2012
Ask your Realtor who they trust and recommend. I give all my clients a couple names of lenders that I know will do a great job for them
0 votes Thank Flag Link Sat Sep 22, 2012
I have a great lender who may be able to help you

Give me a call - 719-291-4676
0 votes Thank Flag Link Sat Sep 22, 2012
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