If it is a house with HOA dues it is considered a PUD detached.
If it is a townhome it could be a condo but is most likely a PUD attached
Automated Underwriting results: DU approve
DTI you need to get from your lender. anything above 41 will most likely get declined.
all other fields are common sense or already filled in.
Just so you know I plugged in the info and it came back without an approval.
(954)764-7064 Office (Ext. 214)
Bases off preliminary information, you should be able to obtain a loan at 90% with MI. The real question I have and wonder is why do you have such a low credit score and is it something we can fix quickly. Regardless of whether you can obtain financing for your situation, if your credit is something you can fix and save yourself $1000's, why wouldn't we do that first and then worry about the financing. The difference in rates and fees would be dramatic. I am available to assist you for all your Florida financing needs, feel free to contact me directly with any other questions.
Joshua A. Lerette
While on the surface everything looks fine for the type of purchase you are looking to make, the biggest hurdle for you to clear is in obtaining Private Mortgage Insurance. Because putting $50,000 down on a $450,000 purchase, you are putting just over 10% down, thus causing the loan to require mortgage insurance. Right now, obtaining mortgage insurance on any conventional loan in Florida is near impossible. However, with a 660 score, I should be able to qualifythe loan. As long as the loan to value does not exceed 90% and the credit score does not drop below 660. If it did drop, your next best bet would be to obtain an FHA loan, which in Brevard County has a maximum loan amount of $291,000, thereby liiting your purchase to $341,000.
I would be more than happy to speak with you about qualifying for a mortgage. Feel free to call me if you have any questions.
Bank of America Home Loans