Financing in 11374>Question Details

Vic, Home Buyer in 11374

Will I qualify for a mortgage on $75000 coop with 28% down; monthly income is $1163 (retirement); good credit rating and have 401 & IRA funds.?

Asked by Vic, 11374 Mon Dec 20, 2010

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Vic the numbers are looking good and talking with a loan officer will be your best bet.
Web Reference: http://www.DESIRE2OWN.COM
0 votes Thank Flag Link Wed Dec 22, 2010
Hi Vic, A 28% down payment is a good number, most in my area require 10%-20%. A few things that will be important for qualifying will be your debt to income ratio (what you owe compared to your income), how much you have in reserves after you make your down payment, and of course income. I would speak with your loan officer as they can tell you what your debt to income ratio is so that your agent can check to see what the requirements are for the unit you have interest in.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Dec 20, 2010
Consider a visit to any qualified loan officer(s), after reviewing your overall financials and credit, he/she can make determination on qualification--keep in mind that when purchasing any co-op, boards have their own financial requirements, therefore just because you may qualify for a mortgage, doesn't necessarily mean you'll automatically qualify board requirements--if looking to withdraw funds from your 401 and or IRA, do check to see if any withdrawal fees apply.
0 votes Thank Flag Link Mon Dec 20, 2010
Professional to render an opinion is a mortgage broker who will review your loan application. A virtual opinion may not be your best interest for more facts need to be determined

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Dec 20, 2010
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