Financing in Altadena>Question Details

Gayle, Home Buyer in 90042

I have a downpayment, $50m in college loans, a job and a Experian score of 669. I need a FHA mortgage. Help?

Asked by Gayle, 90042 Sat May 9, 2009

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Hi Gayle,
If your student loans are at a low rate - most are very low - you will probably want to consider paying them off last, and making a minimum down payment on your home (3.5%). This strategy will allow you to maximize your cash reserves and minimize your down payment risk (if the house goes down in value 96.5% of the money in the house is the bank's - not yours). Remember, you can always pay the mortgage down, but once you do, the only way to get the cash back out (should you need it) is by selling or refinancing, and either may be difficult based on your home's value or your employment at the time you need to refinance.

Your credit is good, and if you have a 3.5% down payment, then what we need to do next is look at your debt to income ratio. This will determine the maximum that you can afford - and will ensure that you don't borrow more than you can afford to pay back.

Exciting times! Please let me know if I can answer any questions for you.

Jim Gallup
Mason-McDuffie Mortgage
(925) 831-6274
2 votes Thank Flag Link Sun May 10, 2009
Several Mortgage Broker sin California, including myself, that can help. Drop one of us a line....

I am a mortgage broker. If I can be of service, let me know!

0 votes Thank Flag Link Sun May 10, 2009
Mortgage planning needs a lot of calculations. Please contact me. I can help you figure out the bet course of action.

Buy the way is $50M correct? Did you mean $50K? Do you have any other debts?
Web Reference:
0 votes Thank Flag Link Sat May 9, 2009
Any help you need on a FHA mortgage, feel free to contact me.

Good luck.
0 votes Thank Flag Link Sat May 9, 2009
Gayle, I welcome an opportunity to determine how I can best help you. Please contact me at your convenience.
0 votes Thank Flag Link Sat May 9, 2009
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