Home Buying in El Paso>Question Details

Lost In Numb…, Home Buyer in El Paso, TX

I make $48K yr. Monthly loans $500. I would like to buy a $200,000 and I have 20% down, but all the mortgage calculators say I can't. credit- A

Asked by Lost In Numbers, El Paso, TX Fri Jan 6, 2012


Help the community by answering this question:


Listen to experience, and in all this answers you received, the most experienced, agree with me.
DO NOT GO OVER 25% of your net monthly income, for house payment, other wise the more you go over this prooven number, you will be in forcloshure if you catch a cold.
This is what is going on since "THE REAL ESTATE CRISIS" start, it is the cause.
1 vote Thank Flag Link Thu Jan 19, 2012
Good Afternoon Lost in Numbers,

Based on the information provided, you make approx $4K/mth. So with putting 20% that is $40K for a $200K home. You would be financing $160K. Based on your debt-to-income, that would be pushing it. That is why the calculator is stating you don't qualify. Of that $4K, lenders don't want your front-end ratio to usually be between 28%-30%, on average. Your front-end ratio, is what represents your future mortgage pymt. That means that should be no more than $1,200/mth. Your back-end ratio is your mortgage pymt + your current financed mthly debt, which you stated is $500/mth. On average (based on going FHA), that should be between 36%-40%. Even at 40%, that comes to $1,600/mth. $1,200+$500 is $1,700, so you wouldn't qualify. My suggestion would be either to put down a bigger down pymt or pay off some of your loans that are totaling to $500/mth.

I would highly recommend that you speak to a loan officer.

I hope this helps! Good Luck!

Make it a Blessed Day!

Tamika A. Goree
Halo Group Realty, LLC
Direct: 972.697.1178
Email: tgoree@haloagent.com
Web Reference: http://tgoree.haloagent.com
1 vote Thank Flag Link Sat Jan 7, 2012
The guidelines:
• 580 Platform
• 3-tradelines
• we also recognize alternative trade lines
• less overlays
• in house funding, processing and underwriting
• 620 credit on conventional
• 47% DTI ratio
• 3.5% down payment
• close the average loan for Refi /new purchase in 21 days

Donna Bush
marketing director
R.H. Lending, Inc.
6209 Colleyville BLVD
Colleyville, TX 76034
Branch NMLS: 965158
E-mail: dbush@rhlending.com
Direct line:214-935-8781
Cell/text (214)695-8883
Web: http://www.rhlend.com

For an immediate Pre-Qualification of potential buyers, please see LINK below to fill out an application via our Secure Website:
NOTE: Once a barrower/client is pre-approved, The letter is only good for 60 days

0 votes Thank Flag Link Mon Dec 10, 2012
Howdy Lost in Numbers, let get you happy in numbers. All my peers have excellent advice. Might you consider looking for the perfect home in a really nice price range. This is a buyers market the homes you can find for amazing prices today coupled with incredible interest rates may never be repeated again. Looking for and finding the perfect home, in the perfect location at the perfect price is what I and my team pride ourselves in and would love to help you. It is a fun process so give us a call!!
Web Reference: http://www.EPHomesearch.com
0 votes Thank Flag Link Thu Jan 19, 2012
Your scenario looks very positive, I am not sure how is your credit but if its A I dont see a problem all you need is to contact a lender to complete an application and get prequalified, if you are looking for some orientation I will be more than happy to help you out, feel free to contact me at your earliest convenience......good luck

Daniel Gomez
Bustamante Real Estate
0 votes Thank Flag Link Fri Jan 6, 2012
Howdy, Happy New Years and lets get your from Lost to I got it!!
You certainly need to talk to a mortgage officer and I know some great ones that will not charge you or have you commit to anything, just advice. Allow me to present a scenario to you of your question. Assuming you would qualify for a $200,000 home, and gave $40,000 down you payment (with taxes and insurance included) around $1100 per month. Is this a comfort level for you? You know if you could qualify for $1,000,000 and had the 20% down you might not like those payments.

All this I do not know if you are a disabled vet which would alleviate all property taxes or where you might want to live area.

I would be honored to discuss your options and your dreams, no obligation at any time. This is one awesome time to buy and the deals, foreclosures and incentives are really out there for you!!

Have an awesome day!!
Web Reference: http://www.EPHomeSearch.com
0 votes Thank Flag Link Fri Jan 6, 2012
Hello Lost in Numbers!

The first thing you would need to do is get pre-qualified to see what your financial pictures looks like, how much you qualify for, etc. With this information we can start looking at houses. I'll be more than happy to assist you. Feel free to send me your "wish list" as well as your "must haves" and I can start sending you listings that match your criteria. I'm here to help! You can reach me via email (SellingEP@gmail.com) or call/text me at (915) 549-1962.
0 votes Thank Flag Link Fri Jan 6, 2012
You sound motivated to buy! Give me a call and I can recommend someone locally to help you get qualified.
0 votes Thank Flag Link Fri Jan 6, 2012
I agree that you should remain conservative on your purchase price, however, the market being what it is, we may be able to find you a home that is comparable to that $200K home you want with a lower price tag. Let's look.
Web Reference: http://elpasosnewhomes.com
0 votes Thank Flag Link Fri Jan 6, 2012
Looks to me like your Debt-To-Income would be below 45%, which would qualify you for a mortgage.

Please call me to go over this detail.

Thank you,

Bill Holleman
Sr. Loan Consultant
PrimeLending, A PlainsCapital Company
1717 W. 6th St, Suite 340
Austin, TX 78703
phone: 512-381-4782
toll free: 866-563-0717
e-fax: 866-217-2405
Web Reference: http://www.billholleman.com
0 votes Thank Flag Link Fri Jan 6, 2012
Normally you want to stay within about 2.5 times your income for the loan. So probably max is about $150.000 purchase price with 20% down. This is a very rough estimate.
0 votes Thank Flag Link Fri Jan 6, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
Listen to the mortgage calculators - don't get yourself in over your head!!!
0 votes Thank Flag Link Fri Jan 6, 2012
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