Financing in Thousand Oaks>Question Details

Dog Lover, Home Buyer in Thousand Oaks, CA

My son put an offer on a $330K home. Combined income w/girlfriend is $35k. Has $180K for down. No debts and excellent credit. Mortgage possible?

Asked by Dog Lover, Thousand Oaks, CA Sun Apr 29, 2012

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7
Jeff Smith’s answer
Hi There- On the surface this looks good and shouldn't be a problem. Why do you think a loan might not be possible ? The key reasons we are denying people on loans are , Poor Credit (620 or less)-Income (need 2 year history and must be in same line of work), and loan to value combined with poor credit cause lender and or mortgage insurer to deny. Debt to income ratios above 45%. But in the above scenario you seem to have most of these covered. Is the income above monthly or annually ? A quick estimate, it it costs about $477 per month for every 100K you borrow for principal and interest on a 30 year loan at today's interest rates. The debt to income ratio limit is 45% in most cases, but in some cases I can go to 55%. If you would like more information email me at jeff.smith@amcapmortgage.com. Have a great day. WE specialize in Real Estate and Finance in the Conejo and Simi Valley area.
0 votes Thank Flag Link Mon Apr 30, 2012
This is a great loan. At nearly 50% down the appraisal will be insignificant. You should really get a pre-approval from your lender.
0 votes Thank Flag Link Sun Apr 29, 2012
Yes that shouldn't be a problem at all.

Rob,
858-922-7899
0 votes Thank Flag Link Sun Apr 29, 2012
This is a great loan for any lender. I would love to do this loan.
Today's rates are at 3.75% - 3.8113% APR on a 30-year fixed rate mortgage.
We are a direct lender and can fund this loan in 21 days or less.
You are at about 45% LTV and with that down, this loan makes total sense.

Feel free to message me if you have any questions. Also, it never hurts to get a 2nd opinion.
Good luck!
0 votes Thank Flag Link Sun Apr 29, 2012
Ask for a DU approval. If they have supplied W2s, Tax Returns and an accurate list of their debt obligations then the pre-approval should be good. Where these things hang up is when the borrower/buyer is asked about income and debt and the borrower/buyer does not give a complete picture.
0 votes Thank Flag Link Sun Apr 29, 2012
He was pre-approved but from what I've been told, that doesn't guarantee anything!
0 votes Thank Flag Link Sun Apr 29, 2012
With the housing payment in the $18K/year range, this would be well more than 28% of their income -- actually closer to 50% of the household income. Your next step is to get PRE-APPROVED - So, a lender can best answer your specific question ... Hmmmm. Why would an agent submit an offer without a pre-approval? Good luck!
0 votes Thank Flag Link Sun Apr 29, 2012
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