Home Buying in 21229>Question Details

Wells Kari, Home Buyer in Owings Mills, MD

I have 5000.00 to put down on a houseworth my income is $68K with Overtime 100K can I buy a house and how much of a house can I buy.? score

Asked by Wells Kari, Owings Mills, MD Fri Jul 12, 2013

bad credit 540

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10
Good Day Sir/Madam.
Do you need a loan? We are Finance Lending Firm; we offer loans ranging from personal to industrial loans to interested persons and companies who are seeking financial assistance or growth. We offer large and small amounts of Loans to our clients. We alsooffer Long and short term Loan with a reliable guarantee. Our Loan Interest rates is very low (3%) and affordable with a negotiable duration. We offer our Loans to our clients In USD ($), GBP Euro and in the following categories.

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Mortgage loans
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Please kindly fill the form if interested, and contact Mr Pato Lawrence with the E-mail ID below: patolawrenceloanhome@gmail.com

BORROWER'S DATA INFORMATION

Loan Amount Needed:..........................
Loan Amount Needed In Words:.........
Loan Duration:..............................
Full Names:...................................
Mother Middle's Name:....................
Country:.....................................
Valid Cell Phone Number:.........
Fax:..........................................
Address:....................................
Purpose Of Loan:.................
Personal or Business loan:........
Address:..........................
Occupation:......................
Gender: Male Or Female:..........
Nationality:......................
State:............................
City:.............................
Age:..............................

I await your immediate response.
Best Regards.

Mr Pato Lawrence.
0 votes Thank Flag Link Sun Nov 24, 2013
Good Day Sir/Madam.
Do you need a loan? We are Finance Lending Firm; we offer loans ranging from personal to industrial loans to interested persons and companies who are seeking financial assistance or growth. We offer large and small amounts of Loans to our clients. We alsooffer Long and short term Loan with a reliable guarantee. Our Loan Interest rates is very low (3%) and affordable with a negotiable duration. We offer our Loans to our clients In USD ($), GBP Euro and in the following categories.

Auto Loans
Mortgage loans
Business Loans
Personal Loans
Real Estate Loan
Investment loans

Please kindly fill the form if interested, and contact Mr Pato Lawrence with the E-mail ID below: patolawrenceloanhome@gmail.com

BORROWER'S DATA INFORMATION

Loan Amount Needed:..........................
Loan Amount Needed In Words:.........
Loan Duration:..............................
Full Names:...................................
Mother Middle's Name:....................
Country:.....................................
Valid Cell Phone Number:.........
Fax:..........................................
Address:....................................
Purpose Of Loan:.................
Personal or Business loan:........
Address:..........................
Occupation:......................
Gender: Male Or Female:..........
Nationality:......................
State:............................
City:.............................
Age:..............................

I await your immediate response.
Best Regards.

Mr Pato Lawrence.
0 votes Thank Flag Link Sun Nov 24, 2013
Good Day Sir/Madam.
Do you need a loan? We are Finance Lending Firm; we offer loans ranging from personal to industrial loans to interested persons and companies who are seeking financial assistance or growth. We offer large and small amounts of Loans to our clients. We alsooffer Long and short term Loan with a reliable guarantee. Our Loan Interest rates is very low (3%) and affordable with a negotiable duration. We offer our Loans to our clients In USD ($), GBP Euro and in the following categories.

Auto Loans
Mortgage loans
Business Loans
Personal Loans
Real Estate Loan
Investment loans

Please kindly fill the form if interested, and contact Mr Pato Lawrence with the E-mail ID below: patolawrenceloanhome@gmail.com

BORROWER'S DATA INFORMATION

Loan Amount Needed:..........................
Loan Amount Needed In Words:.........
Loan Duration:..............................
Full Names:...................................
Mother Middle's Name:....................
Country:.....................................
Valid Cell Phone Number:.........
Fax:..........................................
Address:....................................
Purpose Of Loan:.................
Personal or Business loan:........
Address:..........................
Occupation:......................
Gender: Male Or Female:..........
Nationality:......................
State:............................
City:.............................
Age:..............................

I await your immediate response.
Best Regards.

Mr Pato Lawrence.
0 votes Thank Flag Link Sun Nov 24, 2013
I have one source who can do mortgages down 580, let me look at your credit if you want to see if there are any areas we can work on improving so you can get a high enough score.

If you had a 620 score you could get 5,000 dollars to go with your 5,000 would be 10,000 and depending on your debts you could maybe go up to 285,000 dollars ish.
You could get 220,000 dollars in Baltimore city at 68,000 dollars, maybe 20,000 dollars more in the county part of 21229.
Maybe 323,000 if you have a good two year average of 32,000 dollars plus or minus 1 or 2,000 dollars. of course you would need to pay the payment for 323,000 dollars which would be 2,300 dollars where you would get significant deductions on your taxes which would get your payment down to 1600-1700 dollars of rent, comparable to 1600-1700 dollars.
Also you would need 11,000 dollars down payment with a 580 credit score.
If you go to http://www.freecredit report.*** you can get all 3 of your bureau scores for 30 bucks, that is where I would start so that you know what you are working with for a credit score, because I have a feeling you are only giving the score of 1 of the 3 companies. If the average is over 620 you could almost do it because you would have 10,000 dollars to put down towards down payment, so you could go as high as 285,700 dollars purchase price, anything below that would work, I tell you that so you know it would work, above it it you would have a hard time as far as qualify for the down payment and monthly payment.
220,000 would work with 7,700 down payment for sure, also and this is very important, if you have some thing on your credit report like a credit card with a max line of credit at 1200 and you are at the max if you pay down the balance to 33 percent of that value, 360 or less you might and get a 50 point jump in the score.
One of my clients went to Quicken loans and they did this and his score went from a 580 to 733 in 5 or 4 weeks, this guy Damian E . had a score of 580 and at the time I didn't have the 580 option available and and he had one credit card that was exactly as I mentioned 1,200 dollars he paid it down to 300 and his score jumped from being "marginal" to the lenders to " very good". One of the lenders called it that ,
Anyway I don't have any way of getting in touch with you, but I hope that helps.
Call me or email if you have any questions or concerns. Give me a call 410-529-2900 or email me at:: tommcteariv@gmail.com and we will go over your options.
0 votes Thank Flag Link Sun Jul 14, 2013
You have good income, so why do you have bad credit? Yes, a score of 540 means that you have bad credit. Perhaps you can buy a house now, but you will put yourself into a much better situation if you fix your credit.
0 votes Thank Flag Link Sat Jul 13, 2013
I would be happy to try and help you buy a house. There are some possibilities and many variables such as the area in which you would like to purchase. Give me a call 410-628-0011 or email me at:: carolynheggie@comcast.net and we will go over your options.
0 votes Thank Flag Link Fri Jul 12, 2013
Karaj,

your purchase value and loan rates are normally established by your credit score and your current outstanding loans/bills vs. your income.

you can generally count on 3.5% down with an FHA loan and 5% down with a conventional loan. This translates to $3,500 FHA or $5,000 CONV. down on a $100,000 home. The percentage down payment increases with the price increase of the home.

You will also need to bring the buyers side of settlement costs unless they are written into a contract.

if you would like one of my many quality agents to contact you and begin the process please feel free to contact me.

thanks,
0 votes Thank Flag Link Fri Jul 12, 2013
Hi Karaj1120,


If you are looking to purchase a home with a FHA loan (640 credit score) you will need 3.5% so for a 200k home you will need $7000, not including closing cost. My question to you would be what monthly mortage payment would you feel comfortable paying? You have a good income coming in,but how much home you could afford would also depend upon other debts that you have i.e. car note, student loans, credit cards, etc.

you can always good to my website and use the mortgage calculator if you need to know for certain. I would recommend you talk to Loan Officer to give more precise and exact numbers that fit your needs. you will need an approval letter for a loan prior to submitting a contract on any property you may want to purchase.
0 votes Thank Flag Link Fri Jul 12, 2013
Hello Karaj,

I am a Maryland Lender and will be happy to run figures for you to determine exactly how much you can purchase, or what you would have to do to be able to purchase.

You can go to my online applicaiton http://www.loansbycatherine.com and fill out the FULL applicaiton or call me on 202 573-6035.

Looking forward to helping you get the keys to your new home.

Catherine Purcell
catherinep@fairwaymc.com
202 573-6035
0 votes Thank Flag Link Fri Jul 12, 2013
To qualify for a traditional loan, you are going to need a minimum credit score in the 620 - 640 range. USDA loans with a credit score of less than 580 are denied if you have been late on any payments. (Reference: http://www.rurdev.usda.gov/SupportDocuments/CA-SFH-GRHUnderw…)

There are other loan programs out there that may accept less. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference: http://www.fha.com/fha_article.cfm?id=200.)

I would recommend fixing your credit and saving a larger down payment. If you want the best possible loan rate, you should try to have a 20% down payment. If not you are going to have to pay mortgage insurance and this will add an additional amount to your payment. In fact, though you may qualify for a FHA loan, you will pay mortgage insurance for the life of the loan regardless of your equity position. Additionally, the closing costs will be much higher as will be the cost of the loan.

I would take the time to get yourself in a better financial position and then go shopping for a home.
0 votes Thank Flag Link Fri Jul 12, 2013
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