Home Buying in Norridge>Question Details

zakwaldmou, Home Buyer in Norridge, IL

I have good credit score and no debt (paid off all my credit cards). I am employed for more than five years,36000/year. got a loan only 60K Y?

Asked by zakwaldmou, Norridge, IL Wed Aug 22, 2012

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Credit scores are just a minimum threshold, you could have an 800+ score and still not meet the rest of the minimum requirements. Choose a Realtor you trust then have them introduce you to the loan officer they trust the most. Gather all of the support documents that will be needed to apply for a loan and meet with the LO face-to-face, have them walk you through the process and options available. It is hard enough to get to the closing table working as a team, much less with a loan officer you have never met, probably not licensed to do business in your state if you find them online. Good luck, home this helps,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Aug 24, 2012
The price you have been preaproved for must take into account the real estate taxes that in some instances may add $450 to your monthly mortgage payment. So, even if you make $1500 a month, only about $700 can be used for housing expenses. What remains after your real estate tax monthly payments may well be only enough to afford a $60,000 purchase.
0 votes Thank Flag Link Fri Aug 24, 2012
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