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.
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
â€¢ 580 Platform
â€¢ we also recognize alternative trade lines
â€¢ less overlays
â€¢ in house funding, processing and underwriting
â€¢ 620 credit on conventional
â€¢ 47% DTI ratio
â€¢ 3.5% down payment
â€¢ close the average loan for Refi /new purchase in 21 days
R.H. Lending, Inc.
6209 Colleyville BLVD
Colleyville, TX 76034
Branch NMLS: 965158
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
Bustamante Real Estate
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!!
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.
Please call me to go over this detail.
Sr. Loan Consultant
PrimeLending, A PlainsCapital Company
1717 W. 6th St, Suite 340
Austin, TX 78703
toll free: 866-563-0717