Home Buying in 32095>Question Details

williamrdye86, Home Buyer in Saint Augustine, FL

How much can i afford?

Asked by williamrdye86, Saint Augustine, FL Thu Nov 29, 2012

27,600 a year 740 credit score and no debt ??

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I have a list of local lenders that I can email to you. You can easily drop each of them an email to see who works best with you and can offer you the best deal. Each lender has a specialty and there is one that would be perfect for you. Email me at dawn@dawndelivers.net and I'll get the list right over to you.
0 votes Thank Flag Link Tue Jan 8, 2013
Have your Realtor introduce you to the local lender they trust the most, gather up all of your support documents, get pre-approved face-to-face so you can understand the process. Mortgages are not one size fits all.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Fri Nov 30, 2012
Hello William,

That is a great question however Dan and Neda pretty much covered the basics. To add to this discussion, my background is very strong in the mortgage industry (8+ years). Typically the ratios will depend on what kind of loan program you choose or can qualify for such as Conventional, FHA or VA. With a conventional loan most lenders or banks will not exceed 35% to 45% BACK END Debt Ratio, with FHA the rules become a bit more flexible with being around 45% to 55% BACK END Debt Ratio WITH Compensating Factors such as more than 2 months liquid assets, strong fico/credit score above 740 or higher, no delinquent payments on any accounts, etc. Lastly with VA if you are a Veteran of the Military you can in certain circumstances be around 50% or higher. The best thing to do is speak with a mortgage/home loan advisor in person and provide them with your tax returns for the past 2 years along with your most recent pay checks covering a pay period of 30 days. If you run into high debt to income ratio problems and you are not satisfied with the amount you qualify for, consider a co signer or someone you trust who can be a co applicant. If you have any further questions feel free to email me (mike.fletes@troop.com). I wish you the best!
0 votes Thank Flag Link Thu Nov 29, 2012
It will also depend on your available down payment and funds for closing costs. A bank will use up to 45% of your gross monthly income for allowable credit expenses. You didn't indicate whether $27,600 was your gross or net.
Meeting with a lender is always a good idea. They can pre-approve you and discuss the various options you may qualify for.
0 votes Thank Flag Link Thu Nov 29, 2012
Mr Dye
There are ratios which your lender will go over with you. Also, closing cost and down payments will be talked about. The first thing is to contact a loan officer. Many of my buyers have gone thru BB&T with Ron Gelinas. 904-797-0519. He Will explain everything to you and will make you feel at home. Also, if I can help please contact me at 904-669-7876
0 votes Thank Flag Link Thu Nov 29, 2012
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