Home Buying in San Jose>Question Details

David, Home Buyer in San Jose, CA

Approval chance?

Asked by David, San Jose, CA Tue Aug 19, 2008

If I had a credit score of 730-750. Make about 65K yearly. Have no credit card debts. and the only revolving expenses is a car = $260 and phone bill = $120. If I wanted to buy a property that selling for 360k. If I only had 20k to put for a downpayment. Whats the likely I will get approveed and what would my monthly look like? And since the market is the way it is whats the lowest percentage of downpayment I could go and still get approved? I also would be a first time home buyer and not sure what assistance I would qualify for.

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Are you going to have to adjust your lifestyle majorly to afford a payment like this? Judging if you feel you can tote the note is more important than the approval. With good credit you can also get into trouble quickly! Be cautious when you get approvals and shop within your personal budget.
2 votes Thank Flag Link Wed Aug 20, 2008
that is more than 5% down so I have a few lenders that can get you in the lower 6% range, if we use FHA financing with a credit score like that we can around here Charlotte NC get a seller to pay for most if not all closing cost, if you are looking to relocate please give me a call.
1 vote Thank Flag Link Wed Aug 20, 2008
I recently got approved thru Lending Tree. My credit score was lower then yours and income is the same and my credit ratio was higher then expected. I got approved w 10% down. I tried w an FHA and for some reason they could not approve me. I am going that I hear something this week as to whether or not my offer has been accepted. I would call Don Porter at Lending Tree. Really nice guy. Call 888-866-1212 ext. 8329.
1 vote Thank Flag Link Wed Aug 20, 2008
Hi David,
You have received great advice already from both Curt and Myke. I also agree that an FHA loan is probably going to work best if you are looking for the minimum down payment. That currently is 3% which would take a bit over $10k of your $20k down. You will also need closing costs, unless you can get the seller to pay these, which many sellers have been based on the market being more towards buyers. As far as a payment, you can expect to pay somewhere between $2850 - $3200 depending on several factors like the taxes each year on the property, homeowners insurance rates for the home you select, and the interest rate that you get. I'm not a lender but it looks like Curt is from Santa Cruz, and he probably does know a great local lender that can give you some actual numbers. Good luck!
1 vote Thank Flag Link Wed Aug 20, 2008
David, you should consider an FHA Loan. They require only 3% down payment, and your credit score should be fine for them. For the best answers about how much you qualify for and what your payment would be, contact a reputable local lender who is approved for FHA. If you'd like the name of someone who can help you in the local area, you can contact me via my website below. Good luck - I think you're ready to buy once you get those answers!
1 vote Thank Flag Link Tue Aug 19, 2008
There are great programs for you to participate in to buy a home right now. The new legislation that has been enacted will benefit you considerably. I would really recommend you make a couple of calls to at least three different lenders to see what sort of programs they have to fit your needs. With the new legislation, and with lots of builder incentives out there, it is a great time to be buying a home, prices are lower, interest is still quite low, and many sellers are paying closing costs. Get to a lender soon and find out how they can help you, and start looking at homes!! Happy hunting!!
Web Reference: http://www.MykeTriebold.com
1 vote Thank Flag Link Tue Aug 19, 2008
I think I shall save up more down payment then. I dont want a mortgage larger then 1900 a month. Now stating that what would be my maximum loan equal to that be 280-290K?
Thanks for all your answers and advice everyone.
0 votes Thank Flag Link Thu Aug 21, 2008
I think that before you seek a lender you should come up with a realistic budget. This will determine if you really want a mortgage that large. Remember, just because you can doesn't mean you should.
Web Reference: http://www.callkimdove.com
0 votes Thank Flag Link Wed Aug 20, 2008
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