Dear future Cedar Park Homeowner,

Before you let a mortgage company determine, if you are qualified to get a reasonable loan for this purpose, you need to take a close look at your own monthly budget. See how much you are spending on rent right now and compare it with the monthly investment for this home. Make sure that the payment is realistic for you to make on a monthly basis. Also, consider building up some reserves when those commission checks come in to be prepared for future updates in your home.

Getting a good-faith estimate and a pre-approval from a lender that you trust is always the first step toward home-ownership. However, the approach that "if the bank will approve me, they must be knowing that I can afford it.." has created some of the problems that the market is facing right now.

It is a great time to buy. Best of luck!

Richard Olesch
Help@NooHome.com

The first thing you and your spouse should consider is your amount of debt. Secondly, knowing your credit score will give you a broader picture. Third, contact several mortgage professionals and have them look everything over for you. It is important to get pre-qualified/pre-approved before you even start looking. However, keep in mind, it is your money... and that is why I suggest initially working with several lenders, to see who can offer you the best deal. And let them know you are "interviewing" others!

Goodluck - I live in Cedar Park and feel it is a great place to live!

Stacey Hurley, Realtor
Mitzkat & Associates Real Estate
Stacey@Mitkatrealty.com
512-423-8122

Depending on the property tax rate.... it may be possible to get that payment.
The biggest issue will be calculating income. "Possible Commissions' may not be used.... but if you have a history of that other 'extra income' it may be used.
You need to fill out a loan application and submit all income docs(paystubs and w-2s) to a mortgage professional.
Good Luck!!

Off hand based on the facts that you have provided any speculation utilizing assumptions is dangerous. The best thing for you to do is contact a good mortgage broker who can work out the scenario and numbers with with based on this as well as other pertinent information such as history of your income, nature of your work, credit profile, etc. Lenders are changing their requirements weekly and it's important to work with a professional even before you place an offer.

I am a Dallas realtor and Loan officer, based on what you stated I would need to review your files provide an honest answer. Usually rule of thumb is approx. 3 times your annual income it may work. However without all the particulars your credit scores, debt ratio and etc. Difficult to state. You will need to be qualified prior to submitting an offer OR working with a realtor.

http://www.lynn911.com

I think this may be possible, providing you have a low debt ratio and good credit rating (above 650). If both of these are not true, then I think your chances are slim. Recommend you visit with more than one lender. If you visit with more than one lender do this within a 14 day period. Doing within this time period is treated as 1 access to the credit bureau. Otherwise, each additional check will reduce your credit score by an additional 3 points. For a list of great lenders go to my Web site and click on Vendors for a list of lenders. If you have any additional questions, feel free to contact me at your convenience.

That sounds like a bit of a stretch to me. We need to get you with a loan officer though who can check your credit, other debts, discuss how firm the $9000 is, your savings and reserves. These days they're not only looking at income, but at the total picture of your financial situation. If we can't get you approved at that amount, perhaps they can give you some goals on what to shoot for. Perhaps a larger down payment, a little more income, debt reduction, etc. Getting prequalified is really the first step.