apply online: mdangelo.brandmortgage.com
50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
If your husband's income is disability income or social insecurity (just kidding), then his income may be grossed up to 125% of the $1500. With that score, figure to use about 35% of that amount for qualifying purposes. That's $525 a month. Subtract debts on the report (let's pretend zero). Subtract property taxes and insurance and mortgage insurance (around $150). That leaves $375 to qualify you.
Figure that for every $10,000 your payment is $50 a month (hypothetical of course since I don't know the rate being used). Divide $375 by 50 is 7.5 or $75,000 loan amount. If your score gets over 620, rate gets better. The next brackets are 640, 660, 680, 720, 770.
It sounds like you have taken the right steps to prepare to buy your first home. An FHA loan could very well be your best option since only 3.5% of the purchase price is required for the down payment where a conventional loan would require up to 20% down. There are some down payment assistance programs that might help as well that can be used with an FHA loan. I can refer you to several excellent loan originators if you would like. They are more qualified to review your situation and advise you on how much you can afford and qualify for, and, they can issue a pre-approval letter which is needed in order to make an offer.
I would love to speak with you in detail about your plans and guide you through the home buying process. Please call at your convenience if you would like to discuss further. Oh, and by the way, as a first time homebuyer, you may not be aware that there is no charge for my services to buyers.
Best of luck as you persue homeownership!
Chapman Hall Realtors
Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.
The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrowerâ€™s own funds and not a gift.
Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.